Ally savings rate raised to 1.20%

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
techlion
Posts: 15
Joined: Wed Jul 22, 2015 6:52 pm

Ally savings rate raised to 1.20%

Post by techlion » Fri Sep 01, 2017 4:08 pm

I didn't see a post about it, so here it is. Ally raised its online savings rate from 1.15% to 1.20%. Not a big change, but I'll take anything I can get.

User avatar
midareff
Posts: 5424
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Ally savings rate raised to 1.20%

Post by midareff » Fri Sep 01, 2017 4:18 pm

I have two savings accounts there and it is not shown at that rate. Where did you get this information?

techlion
Posts: 15
Joined: Wed Jul 22, 2015 6:52 pm

Re: Ally savings rate raised to 1.20%

Post by techlion » Fri Sep 01, 2017 4:22 pm

https://www.ally.com/bank/online-savings-account/

The last time they raised the rate it took a day or two to see if reflected on my account.

User avatar
midareff
Posts: 5424
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Ally savings rate raised to 1.20%

Post by midareff » Fri Sep 01, 2017 4:27 pm

Very good and thanks. I'll check after the weekend and see if they have changed mine.

User avatar
willthrill81
Posts: 3752
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: Ally savings rate raised to 1.20%

Post by willthrill81 » Fri Sep 01, 2017 4:29 pm

Wow. An extra $50 a year for every $100,000 saved. What a deal.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
VictoriaF
Posts: 17971
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Ally savings rate raised to 1.20%

Post by VictoriaF » Fri Sep 01, 2017 4:34 pm

Capital One, https://www.capitalone.com/bank/interest-rates/ , has raised their 360 Money Market rate to 1.20% a few days ago for amounts above $10k. However, Ally on its web site, https://www.ally.com/bank/online-savings-account/ , claims that Capital One's rate is only 0.75%. I wonder if this is an oversight or dishonesty.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

techlion
Posts: 15
Joined: Wed Jul 22, 2015 6:52 pm

Re: Ally savings rate raised to 1.20%

Post by techlion » Fri Sep 01, 2017 4:36 pm

Capital One's online savings rate is 0.75%, while their Money Market account is 1.20%. So strictly speaking Ally is not being dishonest as they are comparing rates between online savings accounts.

User avatar
oldcomputerguy
Posts: 2700
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods

Re: Ally savings rate raised to 1.20%

Post by oldcomputerguy » Fri Sep 01, 2017 4:39 pm

willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
My emergency fund is stashed at Ally. It's not supposed to be earning a huge return, it's just supposed to be liquid and available. Given that, I'm not too disappointed in a 1.2% return, it's still a whale of a lot better than the 0.01% my brick-and-mortar bank pays on savings accounts.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

User avatar
VictoriaF
Posts: 17971
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Ally savings rate raised to 1.20%

Post by VictoriaF » Fri Sep 01, 2017 4:42 pm

oldcomputerguy wrote:
Fri Sep 01, 2017 4:39 pm
... it's still a whale of a lot better than the 0.01% my brick-and-mortar bank pays on savings accounts.
Is "a whale of a lot better" like a big fish in a small pond?

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

User avatar
flamesabers
Posts: 1714
Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: Ally savings rate raised to 1.20%

Post by flamesabers » Fri Sep 01, 2017 4:47 pm

willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
Actually it would be less then a $50 increase when you factor in taxes. :wink:

I see CIT bank is offering 1.30% on their savings for balances up to $100k. Amounts in excess of $100k get a rate of 1.25%.

https://www.bankoncit.com/premier-savin ... de=PREMIER

User avatar
KSOC
Posts: 255
Joined: Sat Oct 29, 2016 3:53 pm
Location: Central Florida

Re: Ally savings rate raised to 1.20%

Post by KSOC » Fri Sep 01, 2017 4:59 pm

oldcomputerguy wrote:
Fri Sep 01, 2017 4:39 pm
willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
My emergency fund is stashed at Ally. It's not supposed to be earning a huge return, it's just supposed to be liquid and available. Given that, I'm not too disappointed in a 1.2% return, it's still a whale of a lot better than the 0.01% my brick-and-mortar bank pays on savings accounts.
My emergency fund is there too,and at Goldmans Sachs. Monthly Interest of both gets siphoned to Vanguard VTSAX. I'll take it!
Too soon old, too late smart.

User avatar
willthrill81
Posts: 3752
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: Ally savings rate raised to 1.20%

Post by willthrill81 » Fri Sep 01, 2017 5:11 pm

KSOC wrote:
Fri Sep 01, 2017 4:59 pm
oldcomputerguy wrote:
Fri Sep 01, 2017 4:39 pm
willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
My emergency fund is stashed at Ally. It's not supposed to be earning a huge return, it's just supposed to be liquid and available. Given that, I'm not too disappointed in a 1.2% return, it's still a whale of a lot better than the 0.01% my brick-and-mortar bank pays on savings accounts.
My emergency fund is there too,and at Goldmans Sachs. Monthly Interest of both gets siphoned to Vanguard VTSAX. I'll take it!
Don't get me wrong. I have sizable funds there as well, but my point is that a 5 basis point increase in annual interest rates is peanuts.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

DanMahowny
Posts: 225
Joined: Sun Aug 06, 2017 8:25 pm

Re: Ally savings rate raised to 1.20%

Post by DanMahowny » Fri Sep 01, 2017 5:11 pm

I'm embarrassed to admit that I'm pumped about 1.20% interest, but I am.

User avatar
randomizer
Posts: 1177
Joined: Sun Jul 06, 2014 3:46 pm

Re: Ally savings rate raised to 1.20%

Post by randomizer » Fri Sep 01, 2017 5:16 pm

EverBank has something like 1.31% on their money market account. But that is a first year intro rate only. Not sure if it is worth switching to for just a year unless you're feeling bored.

patrick
Posts: 1548
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: Ally savings rate raised to 1.20%

Post by patrick » Fri Sep 01, 2017 6:18 pm

Still no match for Redneck Bank which pays 1.5% interest and, more importantly, had a picture of a horse on their debit cards.

Grt2bOutdoors
Posts: 17992
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Ally savings rate raised to 1.20%

Post by Grt2bOutdoors » Fri Sep 01, 2017 6:25 pm

willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
Man, I miss my ole 5.25% passbook savings account. :(
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

frugaltigris
Posts: 12
Joined: Fri Sep 01, 2017 8:44 am

Re: Ally savings rate raised to 1.20%

Post by frugaltigris » Fri Sep 01, 2017 6:59 pm

That is a good news. Most of my emergency saving is out there.

User avatar
VictoriaF
Posts: 17971
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Ally savings rate raised to 1.20%

Post by VictoriaF » Fri Sep 01, 2017 7:06 pm

patrick wrote:
Fri Sep 01, 2017 6:18 pm
Still no match for Redneck Bank which pays 1.5% interest and, more importantly, had a picture of a horse on their debit cards.
So the money comes straight from the horse's mouth?

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

curmudgeon
Posts: 1481
Joined: Thu Jun 20, 2013 11:00 pm

Re: Ally savings rate raised to 1.20%

Post by curmudgeon » Fri Sep 01, 2017 8:05 pm

Grt2bOutdoors wrote:
Fri Sep 01, 2017 6:25 pm
willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
Man, I miss my ole 5.25% passbook savings account. :(
Me too, but I don't miss the inflation that started making those accounts losers... (which then forced the S&Ls to turn to CDs for funds and hung them out to dry because of inversion in rates with the fixed rate mortgages they were holding).

Candor
Posts: 162
Joined: Sat May 28, 2011 4:25 pm

Re: Ally savings rate raised to 1.20%

Post by Candor » Fri Sep 01, 2017 8:20 pm

Thanks. I heard about the last raise here several days before Ally sent me an e-mail notifying me and it seems that will be the case again.

User avatar
flamesabers
Posts: 1714
Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: Ally savings rate raised to 1.20%

Post by flamesabers » Fri Sep 01, 2017 9:24 pm

patrick wrote:
Fri Sep 01, 2017 6:18 pm
Still no match for Redneck Bank which pays 1.5% interest and, more importantly, had a picture of a horse on their debit cards.
Doesn't Wells Fargo have a picture of horses pulling a wagon on their debit cards? :P

User avatar
Dendritic Tree
Posts: 119
Joined: Fri Dec 04, 2015 4:20 pm

Re: Ally savings rate raised to 1.20%

Post by Dendritic Tree » Fri Sep 01, 2017 9:32 pm

VictoriaF wrote:
Fri Sep 01, 2017 7:06 pm

So the money comes straight from the horse's mouth?
Victoria, you are on a roll!

totality
Posts: 31
Joined: Mon Aug 21, 2017 1:06 pm

Re: Ally savings rate raised to 1.20%

Post by totality » Fri Sep 01, 2017 11:23 pm

techlion wrote:
Fri Sep 01, 2017 4:36 pm
Capital One's online savings rate is 0.75%, while their Money Market account is 1.20%. So strictly speaking Ally is not being dishonest as they are comparing rates between online savings accounts.
So what is a money market account, exactly? How is it different from a savings account?

mega317
Posts: 2015
Joined: Tue Apr 19, 2016 10:55 am

Re: Ally savings rate raised to 1.20%

Post by mega317 » Fri Sep 01, 2017 11:42 pm

It's funny that two of the most active types of threads are tiny increases in deposit accounts that net most people a few dozen more dollars on their emergency funds, and portfolio advice for people with millions. This is good news but not as good as when a restaurant screws up and you get a comped meal.

rgs92
Posts: 1770
Joined: Mon Mar 02, 2009 8:00 pm

Re: Ally savings rate raised to 1.20%

Post by rgs92 » Fri Sep 01, 2017 11:47 pm

willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
And it's taxable.

helloeveryone
Posts: 59
Joined: Sun Sep 04, 2016 5:16 pm

Re: Ally savings rate raised to 1.20%

Post by helloeveryone » Fri Sep 01, 2017 11:55 pm

mega317 wrote:
Fri Sep 01, 2017 11:42 pm
It's funny that two of the most active types of threads are tiny increases in deposit accounts that net most people a few dozen more dollars on their emergency funds, and portfolio advice for people with millions. This is good news but not as good as when a restaurant screws up and you get a comped meal.
using coupons and HEB and Target Cartwheel Apps to save money is awesome too! (and not taxable😂)

patrick
Posts: 1548
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: Ally savings rate raised to 1.20%

Post by patrick » Sat Sep 02, 2017 11:48 am

flamesabers wrote:
Fri Sep 01, 2017 9:24 pm
patrick wrote:
Fri Sep 01, 2017 6:18 pm
Still no match for Redneck Bank which pays 1.5% interest and, more importantly, had a picture of a horse on their debit cards.
Doesn't Wells Fargo have a picture of horses pulling a wagon on their debit cards? :P
It's just a silhouette on the Wells Fargo card ... it's not the same.

rec7
Posts: 2344
Joined: Tue Oct 28, 2008 7:22 pm
Location: ST LOUIS

Re: Ally savings rate raised to 1.20%

Post by rec7 » Sun Sep 03, 2017 11:10 am

Grt2bOutdoors wrote:
Fri Sep 01, 2017 6:25 pm
willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
Man, I miss my ole 5.25% passbook savings account. :(
I remember getting 6% in a checking account.LOL
Disclaimer: You might lose money doing anything I say. Although that was not my intent. | Favorite song: Sometimes He Whispers Jay Parrack

User avatar
VictoriaF
Posts: 17971
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Ally savings rate raised to 1.20%

Post by VictoriaF » Sun Sep 03, 2017 11:47 am

Dendritic Tree wrote:
Fri Sep 01, 2017 9:32 pm
VictoriaF wrote:
Fri Sep 01, 2017 7:06 pm

So the money comes straight from the horse's mouth?
Victoria, you are on a roll!
I took the thread Are the Bogleheads] getting less interesting? personally.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

RudyS
Posts: 1066
Joined: Tue Oct 27, 2015 10:11 am

Re: Ally savings rate raised to 1.20%

Post by RudyS » Sun Sep 03, 2017 3:45 pm

patrick wrote:
Sat Sep 02, 2017 11:48 am
flamesabers wrote:
Fri Sep 01, 2017 9:24 pm
patrick wrote:
Fri Sep 01, 2017 6:18 pm
Still no match for Redneck Bank which pays 1.5% interest and, more importantly, had a picture of a horse on their debit cards.
Doesn't Wells Fargo have a picture of horses pulling a wagon on their debit cards? :P
It's just a silhouette on the Wells Fargo card ... it's not the same.
Historical tidbit: decades ago, Wells Fargo was regional on the west Coast. I lived in SF, and had a checkbook, with a picture of a horse-drawn stage coach on the checks. We moved to the mid West, and when I tried to use one of these, the clerk asked me, "is that for real:? Quite a laugh. We all remember Wells Fargo from the westerns!

denovo
Posts: 3991
Joined: Sun Oct 13, 2013 1:04 pm

Re: Ally savings rate raised to 1.20%

Post by denovo » Thu Sep 07, 2017 1:19 pm

willthrill81 wrote:
Fri Sep 01, 2017 4:29 pm
Wow. An extra $50 a year for every $100,000 saved. What a deal.
I think I'll splurge and go for the Large Fries next time I go to McDonalds. :P
"Don't trust everything you read on the Internet"- Abraham Lincoln

User avatar
DartThrower
Posts: 792
Joined: Wed Mar 11, 2009 4:10 pm
Location: Philadelphia

Re: Ally savings rate raised to 1.20%

Post by DartThrower » Thu Sep 07, 2017 3:43 pm

I just checked Vanguard's website and the SEC yield on Short Term Inflation protect securities (VTAPX) is about 0%. With inflation at about 1.5% isn't this all just about a wash return wise, but with VTAPX you get inflation protection to boot? Inflation and real rates are currently so low that taxes aren't much of an issue either.
A Boglehead can stay the course longer than the market can stay irrational. It's impossible to have a bubble in common sense.

User avatar
Doc
Posts: 8072
Joined: Sat Feb 24, 2007 1:10 pm
Location: Two left turns from Larry

Re: Ally savings rate raised to 1.20%

Post by Doc » Thu Sep 07, 2017 3:53 pm

Will some of you guys explain to me why you would want to go through the hassle of of an "Ally" savings account at 1.2% when the SEC yield on Vanguard's Ultra Short is 1.46% (1.57% for admiral shares). Is not having the price vary by ±20 bps that important?
A scientist looks for THE answer to a problem, an engineer looks for AN answer and lawyers ONLY have opinions. Investing is not a science.

User avatar
flamesabers
Posts: 1714
Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: Ally savings rate raised to 1.20%

Post by flamesabers » Thu Sep 07, 2017 4:02 pm

Doc wrote:
Thu Sep 07, 2017 3:53 pm
Will some of you guys explain to me why you would want to go through the hassle of of an "Ally" savings account at 1.2% when the SEC yield on Vanguard's Ultra Short is 1.46% (1.57% for admiral shares). Is not having the price vary by ±20 bps that important?
I don't have an Ally account nor do I invest in that particular Vanguard fund. I would guess people choose Ally over a Vanguard fund is because the bank is FDIC insured and doesn't have the principal and liquidity risk that a mutual fund has.

sco
Posts: 710
Joined: Thu Sep 24, 2015 2:28 pm

Re: Ally savings rate raised to 1.20%

Post by sco » Thu Sep 07, 2017 6:45 pm

Ally has 1 day ACH, instant transfers to their checking and ATM reimbursement on thier debit card. It is fast access to cash, without waiting for settlements, etc.

rebellovw
Posts: 323
Joined: Tue Aug 16, 2016 4:30 pm

Re: Ally savings rate raised to 1.20%

Post by rebellovw » Thu Sep 07, 2017 6:57 pm

I'm happy with it - and the previous increases. With my emergency fund there distributed across Savings, CD and No Penalty CD - they give me about 5.00 every day including weekends. There is a free lunch!

mridul
Posts: 3
Joined: Wed Nov 23, 2016 2:42 pm

Re: Ally savings rate raised to 1.20%

Post by mridul » Fri Sep 08, 2017 11:04 am

Doc wrote:
Thu Sep 07, 2017 3:53 pm
Will some of you guys explain to me why you would want to go through the hassle of of an "Ally" savings account at 1.2% when the SEC yield on Vanguard's Ultra Short is 1.46% (1.57% for admiral shares). Is not having the price vary by ±20 bps that important?
I believe the Vanguard's Ultra Short is invested in Auto Loans/Lease bonds. Buyer beware of what they own after the 2008 crisis. The ABS market froze during the crisis due to lack of liquidity. You are not comparing apples with apples when it comes to the amount of risk.

User avatar
Doc
Posts: 8072
Joined: Sat Feb 24, 2007 1:10 pm
Location: Two left turns from Larry

Re: Ally savings rate raised to 1.20%

Post by Doc » Fri Sep 08, 2017 3:26 pm

mridul wrote:
Fri Sep 08, 2017 11:04 am
I believe the Vanguard's Ultra Short is invested in Auto Loans/Lease bonds. Buyer beware of what they own after the 2008 crisis. The ABS market froze during the crisis due to lack of liquidity. You are not comparing apples with apples when it comes to the amount of risk.
Right, it has ~40% in asset backed securities. Overall credit rating of "A" using Morningstar methodology. Only 13% BBB and virtually nothing with a lower credit rating. It definitely has a lower credit rating than an FDIC insured savings account. But Vanguard Total Bond Market only has an average credit rating of AA and has more BBB than the ultra short fund and most of us are perfectly happy with Vg TBM. On the risk side I would not be too concerned with the credit risk but not term risk with this ultra short fund. The price variation has been only 0.02 on a base price of 10.00. I can live easily live with that amount of term risk. Especially with the small part of my FI portfolio which is cash or near cash. If you are worried about the credit risk why not use Vg's 1-3 Government (soon to be all Treasury) with a 1.28% SEC yield and slightly more term risk. Still better than Ally.

I just don't understand why people are so concerned with a little term risk in their "savings" and yet are perfectly fine with having 50% or more of their portfolio in equities.
A scientist looks for THE answer to a problem, an engineer looks for AN answer and lawyers ONLY have opinions. Investing is not a science.

User avatar
eye.surgeon
Posts: 295
Joined: Wed Apr 05, 2017 1:19 pm
Location: California

Re: Ally savings rate raised to 1.20%

Post by eye.surgeon » Fri Sep 08, 2017 4:01 pm

Doc wrote:
Thu Sep 07, 2017 3:53 pm
Will some of you guys explain to me why you would want to go through the hassle of of an "Ally" savings account at 1.2% when the SEC yield on Vanguard's Ultra Short is 1.46% (1.57% for admiral shares). Is not having the price vary by ±20 bps that important?
Ally has a no-penalty 1.5% 11 month CD for $25k or higher amounts. That's where I park my emergency funds, zero risk and immediately convertible to cash in my pocket via any ATM with no fee.

I like Ally for their high check deposit limits ($50 k) via smartphone also.
"I would rather be certain of a good return than hopeful of a great one" | Warren Buffett

User avatar
welderwannabe
Posts: 546
Joined: Fri Jun 16, 2017 8:32 am

Re: Ally savings rate raised to 1.20%

Post by welderwannabe » Fri Sep 08, 2017 4:06 pm

Doc wrote:
Thu Sep 07, 2017 3:53 pm
Will some of you guys explain to me why you would want to go through the hassle of of an "Ally" savings account at 1.2% when the SEC yield on Vanguard's Ultra Short is 1.46% (1.57% for admiral shares). Is not having the price vary by ±20 bps that important?
Honestly I never even considered substituting a ultra short bond fund for my FDIC insured savings. Never entered my mind. Worth some research to look into.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

lack_ey
Posts: 6340
Joined: Wed Nov 19, 2014 11:55 pm

Re: Ally savings rate raised to 1.20%

Post by lack_ey » Fri Sep 08, 2017 6:24 pm

welderwannabe wrote:
Fri Sep 08, 2017 4:06 pm
Doc wrote:
Thu Sep 07, 2017 3:53 pm
Will some of you guys explain to me why you would want to go through the hassle of of an "Ally" savings account at 1.2% when the SEC yield on Vanguard's Ultra Short is 1.46% (1.57% for admiral shares). Is not having the price vary by ±20 bps that important?
Honestly I never even considered substituting a ultra short bond fund for my FDIC insured savings. Never entered my mind. Worth some research to look into.
FWIW the Morningstar category average for ultrashort bond funds lost about 9% in the financial crisis. Now, credit really got hammered and you don't expect anything similar the vast majority of the time, and many funds were into junk, so the investment-grade ultrashort funds didn't do nearly as badly and you shouldn't expect something like Vanguard's to fall as much even in those kinds of circumstances. But I think you should expect losses sometimes on the order a bit more than 20-40 bp as suggested.

You might well be better off barbelling with equivalent risk by sticking with FDIC-insured products on the short end and taking a bit more risk on the bond side, rather than replacing savings with an ultrashort fund that would bump up your term risk very slightly and credit risk a bit.

With a 1-year Treasury about 1.22%, you can't get higher yields with a shorter term than that without some credit risk even if modest. Anyway, 1.2% savings with zero term risk is still a small free lunch courtesy of FDIC, and Ally's 11-month no-penalty CD is 1.5% for a bigger boost.

Depending on the amount of savings, some small fraction of 1% may be not worth your time here.

But if you are on sub-1% savings then maybe this is something to think about more seriously.

User avatar
willthrill81
Posts: 3752
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: Ally savings rate raised to 1.20%

Post by willthrill81 » Fri Sep 08, 2017 6:41 pm

Doc wrote:
Fri Sep 08, 2017 3:26 pm
I just don't understand why people are so concerned with a little term risk in their "savings" and yet are perfectly fine with having 50% or more of their portfolio in equities.
I don't either. That's why roughly two-thirds of my EF is invested in Wellesley Income. I've been very happy with this decision.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

signewton
Posts: 34
Joined: Sat Jun 13, 2015 4:50 pm

Re: Ally savings rate raised to 1.20%

Post by signewton » Sat Oct 28, 2017 6:30 am

Ally raised their account to 1.25.

Capital one 360 is now at 1.30 (for $10k or more)

gmc4h232
Posts: 124
Joined: Wed Jan 27, 2016 8:11 am

Re: Ally savings rate raised to 1.20%

Post by gmc4h232 » Sun Jan 21, 2018 9:02 am

Looks like interest rate bumped up again to 1.35% on savings accounts.

youngpleb
Posts: 116
Joined: Mon Oct 16, 2017 7:06 pm
Location: VA, USA

Re: Ally savings rate raised to 1.20%

Post by youngpleb » Sun Jan 21, 2018 9:16 am

I have a savings account with Live Oak Bank and received an email from them a few days ago that they were raising my APR from 1.5% to 1.6% :happy
27. Always learning.

ChosenGSR
Posts: 150
Joined: Wed Sep 19, 2007 6:12 pm

Re: Ally savings rate raised to 1.20%

Post by ChosenGSR » Sun Jan 21, 2018 11:10 am

And they dropped the rate on their no-penalty CD from 1.6% to 1.5% for top tier.

User avatar
White Coat Investor
Posts: 13260
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: Ally savings rate raised to 1.20%

Post by White Coat Investor » Sun Jan 21, 2018 11:30 am

gmc4h232 wrote:
Sun Jan 21, 2018 9:02 am
Looks like interest rate bumped up again to 1.35% on savings accounts.
Hard to get too excited with Prime MMF paying 1.44% and Tax Exempt MMF paying 1.13%.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

ChosenGSR
Posts: 150
Joined: Wed Sep 19, 2007 6:12 pm

Re: Ally savings rate raised to 1.20%

Post by ChosenGSR » Sun Jan 21, 2018 3:35 pm

White Coat Investor wrote:
Sun Jan 21, 2018 11:30 am
gmc4h232 wrote:
Sun Jan 21, 2018 9:02 am
Looks like interest rate bumped up again to 1.35% on savings accounts.
Hard to get too excited with Prime MMF paying 1.44% and Tax Exempt MMF paying 1.13%.
No a fan of money market funds. You have to jump in and out of them as the yield is not always competitive vs high yield savings accounts. To each their own I suppose.

User avatar
White Coat Investor
Posts: 13260
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: Ally savings rate raised to 1.20%

Post by White Coat Investor » Sun Jan 21, 2018 6:26 pm

ChosenGSR wrote:
Sun Jan 21, 2018 3:35 pm
White Coat Investor wrote:
Sun Jan 21, 2018 11:30 am
gmc4h232 wrote:
Sun Jan 21, 2018 9:02 am
Looks like interest rate bumped up again to 1.35% on savings accounts.
Hard to get too excited with Prime MMF paying 1.44% and Tax Exempt MMF paying 1.13%.
No a fan of money market funds. You have to jump in and out of them as the yield is not always competitive vs high yield savings accounts. To each their own I suppose.
Yea, I have both an Ally High Yield and a Vanguard account, so it's pretty easy and convenient to chase yield. But I'm not opening a bunch of bank accounts to get temporary offers.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

User avatar
oldcomputerguy
Posts: 2700
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods

Re: Ally savings rate raised to 1.20%

Post by oldcomputerguy » Wed Jan 24, 2018 7:07 am

gmc4h232 wrote:
Sun Jan 21, 2018 9:02 am
Looks like interest rate bumped up again to 1.35% on savings accounts.
Funny, I only this morning received an email from Ally advising me of this fact.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

Post Reply