Author Topic: Ally Bank online savings rate went up!  (Read 2366 times)

JoJo

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Ally Bank online savings rate went up!
« on: July 13, 2017, 10:18:51 AM »
Looks like they're raising to 1.15%!

Frankies Girl

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Re: Ally Bank online savings rate went up!
« Reply #1 on: July 13, 2017, 10:26:14 AM »
Happened a few months ago for my account. :)
I frequently have no idea what I'm talking about. Like now.

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fidreamer

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Re: Ally Bank online savings rate went up!
« Reply #2 on: July 13, 2017, 10:32:13 AM »
I didn't even notice!  Thanks for the head's up.

Rubic

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Re: Ally Bank online savings rate went up!
« Reply #3 on: July 13, 2017, 11:10:09 AM »
Barclays is also up to 1.15%.

Never thought I'd see savings accounts dip below 4%, but I certainly
don't miss double-digit inflation rates!

dreaming

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Re: Ally Bank online savings rate went up!
« Reply #4 on: July 13, 2017, 11:19:49 AM »
I had not noticed either.  American Express online savings will now be 1.15% also.

GrumpyPenguin

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Re: Ally Bank online savings rate went up!
« Reply #5 on: July 13, 2017, 12:14:50 PM »
Nice. 

Davids

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Re: Ally Bank online savings rate went up!
« Reply #6 on: July 13, 2017, 05:38:25 PM »
Capital One 360 still at .75% although the amount I have in there is not really worth the hassle to switch.

undercover

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Re: Ally Bank online savings rate went up!
« Reply #7 on: July 13, 2017, 10:37:53 PM »
That's $150 for every $100k "invested". How is this significant to you?
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boognish

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Re: Ally Bank online savings rate went up!
« Reply #8 on: July 13, 2017, 11:35:28 PM »
That's $150 for every $100k "invested". How is this significant to you?
try again friend

acanthurus

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Re: Ally Bank online savings rate went up!
« Reply #9 on: July 14, 2017, 11:25:38 AM »
That's $150 for every $100k "invested". How is this significant to you?
My guess is he did the math correctly.

FWIW their CD rates are good too. Brokered 6 month CDs for 1.25% APY. One year for 1.5%.
« Last Edit: July 14, 2017, 11:27:24 AM by acanthurus »

Pylortes

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Re: Ally Bank online savings rate went up!
« Reply #10 on: July 15, 2017, 12:29:28 PM »
Discover Bank last I checked was at 1.10%.  They are very good too!

Taconite

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Re: Ally Bank online savings rate went up!
« Reply #11 on: July 15, 2017, 03:43:05 PM »
What has other peoples' experience with Ally's customer service been like?  I was reading reviews on Nerdwallet and it seemed like nobody had anything nice to say about Ally. 

I will add that I had a couple of Tradeking brokerage accounts.  Since Ally has bought and re-branded Trakeking, it is my general feeling is that the service I get for the brokerage account has gone down a bit.  Because of this I have been reluctant to give them any more business.   

Hotstreak

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Re: Ally Bank online savings rate went up!
« Reply #12 on: July 15, 2017, 03:48:34 PM »
What has other peoples' experience with Ally's customer service been like?  I was reading reviews on Nerdwallet and it seemed like nobody had anything nice to say about Ally. 

I will add that I had a couple of Tradeking brokerage accounts.  Since Ally has bought and re-branded Trakeking, it is my general feeling is that the service I get for the brokerage account has gone down a bit.  Because of this I have been reluctant to give them any more business.   


I have had no problems with their customer service, especially when compared to other financial institutions.  I'm a normal savings account customer though, so I rarely need to deal with them.

geekette

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Re: Ally Bank online savings rate went up!
« Reply #13 on: July 15, 2017, 05:17:51 PM »
Capital One 360 still at .75% although the amount I have in there is not really worth the hassle to switch.
We have the Cap One 360 Money Market, which is 1.1% (you do have to hold more than $10k, though, but it's our efund).

marshdesign

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Re: Ally Bank online savings rate went up!
« Reply #14 on: July 15, 2017, 06:42:13 PM »
if the fed raises rates again (I hope) in sept or at least one more time this year maybe we can get some of these banks to raise it to 1.25. Problem is banks are pocketing the extra interest after the last few fed hikes. They are not passing that along to the savers. New retirees are in desperate need for yield and they are investing too heavily in the stock market for yield and taking on too much risk, this is why the stock market is frothy!!!!

I had discover high yield savings for a few months, had 15,000 to get the bonus, ended up taking it out and made the bonus (100) plus 25 bucks of interest. 15,000 dollars generated 25 dollars in interest in a 4 month span, ugggg!!! I just got a dividend yield for 80 bucks today for something I only have 3,000 invested in. Of course it is more principle risk.

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undercover

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Re: Ally Bank online savings rate went up!
« Reply #15 on: July 15, 2017, 07:10:06 PM »
That's $150 for every $100k "invested". How is this significant to you?
My guess is he did the math correctly.

FWIW their CD rates are good too. Brokered 6 month CDs for 1.25% APY. One year for 1.5%.

It was 1%. It's now 1.15%. The rate went UP 0.15% (title of thread is about it going UP)...my point is that $150 extra a year if you have $100k in a savings account (please tell me why you would) is complete crap.
Every solution has a problem

Fancy Free

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Re: Ally Bank online savings rate went up!
« Reply #16 on: July 16, 2017, 07:51:03 AM »
The Goldman Sachs online savings rate is 1.2%. No minimum deposit.

Rubic

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Re: Ally Bank online savings rate went up!
« Reply #17 on: July 16, 2017, 08:36:13 AM »
...my point is that $150 extra a year if you have $100k in a savings account (please tell me why you would)

@undercover, I know your reply isn't directed toward me, but ...

There are lots of reasons why someone may need to park a lot of cash
somewhere safe, preferably FDIC insured.*

I don't think anyone is recommending keeping a large allocation of
their assets in Ally as an investment strategy.  And as I mentioned
above, it's hard to get mentally adjusted to the new reality of sub-4%
savings rates, but I'm also not clamoring for double-digit inflation
again.

*Me?  Huge (anticipated) tax bill coming up in about 9 months.



Onward to some potentially helpful inforomation for anyone in the US who wants
to safely maximize their short-term cash interest rate in an insured checking
account. With a bit of extra work, you can park up to $15K at Lake Michigan
Credit Union with a 3% rate:  https://lmcu.org

Here are the criteria to qualify for the 3% rate in an LMCU Max Checking account:
  • Sign up for e-statements.
  • Minimum of 4 logins to online banking per month.
  • Minimum of 10 debit card purchases per month.
  • Direct deposit in your account at least once per month.

I have my LMCU account linked to Mint.com, which handles the minimal
required logins.

On the first Monday of each month, I reload my Amazon gift balance
with ten purchases of $0.50 each for a total of $5.00 to satisfy my debit
card requirement.

I also transfer $5 each month from my primary checking account into LMCU via
an automated ACH transfer which counts as a direct deposit.

The entire process takes less than 10 minutes each month after you've
got your account set up.  LMCU has a nice link on your account page to
confirm you've met all the requirements to qualify for the 3% rate.