Moreover, Ally's Savings account earns a strong 1.45 % APY, making it possible to keep a high rate if
you open both types of accounts at Ally.
Note: Account holders must have earned income or alimony in order to
open this type of account.
There's a $ 500 minimum to
open this type of account and you must make 30 trades per quarter (or have $ 250,000 in assets in the account) in order to maintain your Pro status.
An online high - yield savings account may have fewer qualifications to
open this type of account and they may even pay higher than a bricks and mortar bank.
Moreover, Ally's Savings account earns a strong 1.50 % APY, making it possible to keep a high rate if
you open both types of accounts at Ally.
You should also expect possibility to
open the type of account that fits your capital size best.
Once
you open this type of account and add money, you can watch your investment grow tax free, which means the money in the IRA account is not taxed until you withdraw it.
You can
open all types of accounts - both registered and non-registered accounts, such as cash, TFSAs, RRSPs, Spousal RSPs, RRIFs, RESPs.
Speak to a bank, brokerage or mutual fund company to
open the type of account you have chosen.
If your adviser has recommended that you open a cash management account or any kind of deposit account, or helped
you open this type of account, they may also have asked you for an authority to view and / or make transactions on your behalf.
Another way to get there is to
open another type of account (a retail or charge card or personal loan) and also keep that in good standing.