Update 12/19/19: Rate will be reduced to 1.6% APY tomorrow.
Update 11/13/19: Rate reduced to 1.70%.
Update: Rate reduced to 1.8% APY
Ally is sending out an email that their online savings account rate will be lowered to 1.90% beginning tomorrow, August 6th.
Starting 08/06/2019, your Online Savings Account will earn 1.90% Annual Percentage Yield (APY) on all balance tiers.
Your APY is more than 20x the national average — so you can rest assured that your money is working hard in your savings.
In June they lowered from 2.20% to 2.10%, and now down to 1.90%. Many banks are lowering their rates recently due to the recent fed rate drop. We’ll probably see more on this coming days, I’m just posting Ally separately since it’s a big step to drop under 2%, and because many of us use their savings account.
Far as we know, the Ally no-penalty CD rate will remain at 2.30%. We’ll see.
Hat tip to reader Avi
0.5%. Almost time to empty accounts and use the money as mattress stuffing
0.6%
Ally goes to 1.0% as of 07/08
Ally is dropping the rate again 🙁 1.50%
When Ally refused to pay me the $1000 bonus for a promo they had back then when their terms and conditions were wrong, I never used them again for anything but a hub bank and keep less than a few hundred in there. I probably went from being one of the most profitable to a completely unprofitable customer after that
Anyone else notice that Ally went backward with their transfer speed on January 1st? Or am I the only one with this change. What used to be all 1 day external transfers now takes 3 days for any external transfer.
I guess their trying to discourage people using them as a hub account?
they’re trying to cut back on infrastructure cost
It seems like people make too big of a deal out of a 10 basis point change. This is a difference of $10/yr on a balance of $10,000. It’s not worth the time to keep chasing accounts that pay slightly more.
Ally is still the ideal hub but now terrible at interest rates and customer service.
I wonder how they feel about keeping a few bucks in there and then occasionally bouncing (e.g.) $10k+ in and straight out? (Sometimes transferring from X to Y may be easier via Ally than directly.)
This is what I use Ally Bank for. Their rates are never competitive.
So Ally doesn’t seem to mind being used like this? I’d used Ally as my regular bank for several years, but now I’m mostly just ACH-ing, and I wonder if that could set off flags.
Dang I just transferred a huge sum into Ally yesterday. Time to transfer it back out lol.
keep in mind that it always takes 3 -5 business days for the money to get transferred between banks, those days you are missing the interest
I don’t see any news about fed reducing interest rate, so now why the are reducing the rate?