Ally lowers APR on savings from 1.5% to 1.25%

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tennisplyr
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Ally lowers APR on savings from 1.5% to 1.25%

Post by tennisplyr » Mon May 11, 2020 5:58 pm

Got an email from Ally Bank today saying they are lowering their interest rate to 1.25% from 1.5% on savings accounts. Anyone doing anything because of this?
Those who move forward with a happy spirit will find that things always work out.

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anon_investor
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Mon May 11, 2020 6:00 pm

tennisplyr wrote:
Mon May 11, 2020 5:58 pm
Got an email from Ally Bank today saying they are lowering their interest rate to 1.25% from 1.5% on savings accounts. Anyone doing anything because of this?
Just open up no penalty CDs...

averagedude
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by averagedude » Mon May 11, 2020 6:01 pm

Surely, we all knew this was coming soon.

BruinBones
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by BruinBones » Mon May 11, 2020 6:08 pm

Looks like Synchrony's high yield savings account has gone from 1.5% to 1.3%.

Yes, try and find a better CD rate for now.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by stoptothink » Mon May 11, 2020 6:13 pm

A few other threads on this. This was the impetus for me to just go ahead and cut savings really low (and forego the pittance I would have earned with the recent promotion) and pay off the mortgage. Payoff scheduled for Wednesday.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by abuss368 » Mon May 11, 2020 6:13 pm

That definitely more than Vanguard Prime Money Market Fund!
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

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tvubpwcisla
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by tvubpwcisla » Mon May 11, 2020 6:18 pm

It won't be long before you have to start paying them to keep your money there.

:oops:
Stay invested my friends.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by kinless » Mon May 11, 2020 6:20 pm

Surprised they didn't do this sooner. I knew they couldn't hold out at that rate much longer.

When Ally sent their "warning" letter in March I moved most of my Ally funds to a 1.9% no-penalty CD. Everything else has been going to Fido.

delrinson
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by delrinson » Mon May 11, 2020 7:46 pm

We built up our cash position signficantly recently to accommodate pandemic-related eventualities (helping extended family, if the need arises). Most at Ally, some at Redneck...they both were at 1.5% (which surprised me because Redneck is usually higher). Now will keep $50k at Redneck (still 1.5%), the rest at Ally. The goal was to keep a high cash position for the rest of 2020, then evaluate.

I guess we could go with a 12 month CD and get 1.5%. Hardly seems worth the effort, though.

1.25% just sounds miserable...but if the point is to have completely liquid and stable assets, I guess this is what I'm stuck with.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by GibsonL6s » Mon May 11, 2020 7:49 pm

I recently moved some money to CIT for upcoming college funding presuming there are classes :D I have avoided CDs outside of my Schwab account because I like the simplicity of mostly everything in one place and I don's want to have to worry about CDs auto renewing and many places dont allow trusts or trust beneficiaries so it seems like a major hassle for not a lot of reward.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Mon May 11, 2020 7:54 pm

The Ally 15 month select CD is still 1.55%, who knows for how much longer though...
https://www.ally.com/go/bank/15m-select-cd/

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by UpperNwGuy » Mon May 11, 2020 8:00 pm

tennisplyr wrote:
Mon May 11, 2020 5:58 pm
Got an email from Ally Bank today saying they are lowering their interest rate to 1.25% from 1.5% on savings accounts. Anyone doing anything because of this?
PenFed is also at 1.25%.

Miriam2
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Miriam2 » Mon May 11, 2020 8:35 pm

anon_investor wrote: The Ally 15 month select CD is still 1.55%, who knows for how much longer though...
https://www.ally.com/go/bank/15m-select-cd/
Thanks. This CD also permits initial deposit of less than 5,000 for same 1.55%, good for teaching kids :happy

jharkin
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by jharkin » Mon May 11, 2020 8:44 pm

Capital One was still at 1.5 this morning but I’m sure they will drop shortly as well.


Inevitable, and not making any moves. The rate has dropped before. Someday it will rise again... and then drop again. Short term emergency savings money stays in safe low yield for a reason.

BillWalters
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by BillWalters » Mon May 11, 2020 8:47 pm

Amex also still at 1.5%, for now.

Really hard not to chase yield, even knowing it is dumb. I’m going to have major problems paying banks to hold my money though.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by aj76er » Mon May 11, 2020 8:51 pm

I rolled our cash over to Ally last week and promptly put most of it into a few no penalty CDs, as I figured the rates would be dropping.

We’ve seen this play out before during the last recession.
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Momus » Mon May 11, 2020 9:08 pm

Open CD today and fund it in 10 days. Rate lock.

BeneIRA
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by BeneIRA » Mon May 11, 2020 9:21 pm

If I have $100,000 in a savings account, 1.25% versus 1.55% is $304 in a year. Not worth getting in a tizzy over. No one knows where we'll be in six months much less a year, so I won't project beyond that.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Mon May 11, 2020 9:34 pm

BeneIRA wrote:
Mon May 11, 2020 9:21 pm
If I have $100,000 in a savings account, 1.25% versus 1.55% is $304 in a year. Not worth getting in a tizzy over. No one knows where we'll be in six months much less a year, so I won't project beyond that.
The question is why someone in that situation would not have no penalty CDs...

BeneIRA
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by BeneIRA » Mon May 11, 2020 9:57 pm

anon_investor wrote:
Mon May 11, 2020 9:34 pm
BeneIRA wrote:
Mon May 11, 2020 9:21 pm
If I have $100,000 in a savings account, 1.25% versus 1.55% is $304 in a year. Not worth getting in a tizzy over. No one knows where we'll be in six months much less a year, so I won't project beyond that.
The question is why someone in that situation would not have no penalty CDs...
Sheer laziness. I may or may not be referring to myself :wink:

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by 2Birds1Stone » Tue May 12, 2020 2:29 am

Ally already lowered the APY on the penalty free CD to 1.30%, still good if rates keep dropping.....

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by IndexCore » Tue May 12, 2020 4:17 am

As of the time of this post, Discover savings is paying 1.4%.
https://www.discover.com/online-banking ... s-account/

Ally hasn't been good about customer communication with me. They only offer phone calls and email - no website messaging like every other online bank I've used. And since they don't trust email, and usually don't call, I often see zero communication from them. Since I wasn't entirely happy with them already, the interest rate drop makes a nice excuse to pull money out and move it elsewhere.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Tue May 12, 2020 6:59 am

Of course Ally No Penalty CDs are now down to 1.3% regardless of balance...

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by tenkuky » Tue May 12, 2020 7:10 am

2Birds1Stone wrote:
Tue May 12, 2020 2:29 am
Ally already lowered the APY on the penalty free CD to 1.30%, still good if rates keep dropping.....
Ha! in before the drop. Thanks to this board, I nabbed a 1.5% last night.
And interestingly, they've done it for all balance tiers, not just the 25K one. That's at least something.

MJPK1988
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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by MJPK1988 » Tue May 12, 2020 7:37 am

As of right now, Dollar Savings Direct is still at 1.50%. At any given time, one of Emigrant Bank's online brands seems to always have the highest rate. I don't understand why everyone says they cut their rates suddenly, for as long as I've been with them the only time they've cut the rates has been when every other online bank is doing the same. I like them a lot.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Grogs » Tue May 12, 2020 8:11 am

kinless wrote:
Mon May 11, 2020 6:20 pm
Surprised they didn't do this sooner. I knew they couldn't hold out at that rate much longer.

When Ally sent their "warning" letter in March I moved most of my Ally funds to a 1.9% no-penalty CD. Everything else has been going to Fido.
Yep, I'm surprised it took so long too. The day after the Fed announced their emergency 0.5% rate cut in March, I moved about 80% of my Ally money into 2 CDs, a no-penalty 11-month CD @ 2.00% and a 13-month CD @ 2.10%. It seemed inevitable the rates on everything would come down quickly after the rate drop.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by 02nz » Tue May 12, 2020 8:25 am

anon_investor wrote:
Mon May 11, 2020 9:34 pm
BeneIRA wrote:
Mon May 11, 2020 9:21 pm
If I have $100,000 in a savings account, 1.25% versus 1.55% is $304 in a year. Not worth getting in a tizzy over. No one knows where we'll be in six months much less a year, so I won't project beyond that.
The question is why someone in that situation would not have no penalty CDs...
And what would happen on this forum if somebody said, hey this one fund has an expense ratio of 0.03 and this other fund (following the same index), has an ER of 0.28%, but no biggie, just a few hundred dollars a year?

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by ccf » Tue May 12, 2020 9:12 am

BeneIRA wrote:
Mon May 11, 2020 9:57 pm
Sheer laziness. I may or may not be referring to myself :wink:
I'm not scolding you or trying to make you feel bad - just thowing this out there in case anyone needs to hear it:

You can open an Ally No Penalty CD using funds from another Ally account in a minute or two (no exaggeration), and you can break it and return the funds to an Ally account in less than one minute. I've opened at least a half dozen since they were announced and I haven't run into any downsides.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Tue May 12, 2020 11:34 am

02nz wrote:
Tue May 12, 2020 8:25 am
anon_investor wrote:
Mon May 11, 2020 9:34 pm
BeneIRA wrote:
Mon May 11, 2020 9:21 pm
If I have $100,000 in a savings account, 1.25% versus 1.55% is $304 in a year. Not worth getting in a tizzy over. No one knows where we'll be in six months much less a year, so I won't project beyond that.
The question is why someone in that situation would not have no penalty CDs...
And what would happen on this forum if somebody said, hey this one fund has an expense ratio of 0.03 and this other fund (following the same index), has an ER of 0.28%, but no biggie, just a few hundred dollars a year?
Better debate than someone saying I am going all cash we are not at the bottom! :twisted:

At least me the inconvenience of 10 clicks and 30 seconds is worth a few hundred bucks! 8-)

I do have to admit I did not bother when interest rates were rising...

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Kevin M » Tue May 12, 2020 12:22 pm

IndexCore wrote:
Tue May 12, 2020 4:17 am
<snip>
Ally hasn't been good about customer communication with me. They only offer phone calls and email - no website messaging like every other online bank I've used.
<snip>
The underlined part is not true. They offer both online chat and secure messaging via their website. I have used both extensively with good results. Perhaps you just don't know how to access the functionality?

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Kevin M » Tue May 12, 2020 12:28 pm

tvubpwcisla wrote:
Mon May 11, 2020 6:18 pm
It won't be long before you have to start paying them to keep your money there.
I doubt it. During the years after the GFC in 2008, when the federal funds rate lower limit target was 0%, Ally online savings lowest APY was 0.84%.

I have posted several times recently that I expect their savings rate to drop toward the 1% ballpark in the coming weeks or months, as long as the FFR is near 0%. This drop was no surprise.

As others have said, the no-penalty CDs have been the obviously better choice since the Fed dropped the FFR to near 0%, but after they mature in 11 months, there may be no similarly good alternatives.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by boglewill34 » Tue May 12, 2020 12:30 pm

Kevin M wrote:
Tue May 12, 2020 12:22 pm
IndexCore wrote:
Tue May 12, 2020 4:17 am
<snip>
Ally hasn't been good about customer communication with me. They only offer phone calls and email - no website messaging like every other online bank I've used.
<snip>
The underlined part is not true. They offer both online chat and secure messaging via their website. I have used both extensively with good results. Perhaps you just don't know how to access the functionality?

Kevin
Thanks for this Kevin, I use chat extensively with other banks and was going to take the previous post at face value. I went on there and made sure I could find the chat feature, even discovered they have the option for screen share if that level of help is needed. I've been fortunate to not need any help from them yet, everything has been exceedingly simple thus far, maybe it'll stay that way!

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by TravelGeek » Tue May 12, 2020 1:07 pm

anon_investor wrote:
Mon May 11, 2020 7:54 pm
The Ally 15 month select CD is still 1.55%, who knows for how much longer though...
https://www.ally.com/go/bank/15m-select-cd/
1.45% now ...

Should have acted last night instead of watching a movie. :oops:
Last edited by TravelGeek on Tue May 12, 2020 5:17 pm, edited 1 time in total.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Tue May 12, 2020 3:58 pm

TravelGeek wrote:
Tue May 12, 2020 1:07 pm
anon_investor wrote:
Mon May 11, 2020 7:54 pm
The Ally 15 month select CD is still 1.55%, who knows for how much longer though...
https://www.ally.com/go/bank/15m-select-cd/
1.45% now ...

Should have acted last night instead of watching a move. :oops:
That movie must have been pretty good to be worth 0.10%!

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Miriam2 » Tue May 12, 2020 4:31 pm

Kevin M wrote: . . . During the years after the GFC in 2008, when the federal funds rate lower limit target was 0%, Ally online savings lowest APY was 0.84%.

I have posted several times recently that I expect their savings rate to drop toward the 1% ballpark in the coming weeks or months, as long as the FFR is near 0%. This drop was no surprise.

As others have said, the no-penalty CDs have been the obviously better choice since the Fed dropped the FFR to near 0%, but after they mature in 11 months, there may be no similarly good alternatives.

Kevin
Kevin, we really appreciate your many helpful posts throughout the years on these fixed income issues :happy

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by BeneIRA » Tue May 12, 2020 9:25 pm

ccf wrote:
Tue May 12, 2020 9:12 am
BeneIRA wrote:
Mon May 11, 2020 9:57 pm
Sheer laziness. I may or may not be referring to myself :wink:
I'm not scolding you or trying to make you feel bad - just thowing this out there in case anyone needs to hear it:

You can open an Ally No Penalty CD using funds from another Ally account in a minute or two (no exaggeration), and you can break it and return the funds to an Ally account in less than one minute. I've opened at least a half dozen since they were announced and I haven't run into any downsides.
I appreciate this. I missed the boat on the 0.25% interest rate increase. I will probably go ahead and pull the trigger. As another poster implied, trying to save the ER on an index fund and not maximizing interest rates probably makes me a bit hypocritical and that is a fair criticism.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Ricchan » Tue May 12, 2020 10:40 pm

FYI, Marcus is still offering a 1.55% no-penalty CD for 7 months as of this moment.
They also offer a 1.60% 12 month regular CD. I ended up buying a 12 month CD partly because I'm pretty pessimistic on CD rates for the next 12 months and also because I already have other no-penalty CDs maturing in December this year.

One thing Ally has going for it is the 0.05% loyalty bonus for renewing a CD. Apparently you can keep rolling several 3 month CDs with $1 each, and when the time comes that you want to buy a CD, you can renew one of your 3 month CDs into the desired CD (with additional funds, of course) for that sweet extra 0.05%. :)

I personally haven't done this (yet) because it seems like a bit too much of a hassle, but it may be worth it if you are planning to invest large amounts in Ally CDs in the future.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Waiting_for_Godot » Wed May 13, 2020 5:06 am

BeneIRA wrote:
Tue May 12, 2020 9:25 pm
ccf wrote:
Tue May 12, 2020 9:12 am
BeneIRA wrote:
Mon May 11, 2020 9:57 pm
Sheer laziness. I may or may not be referring to myself :wink:
I'm not scolding you or trying to make you feel bad - just thowing this out there in case anyone needs to hear it:

You can open an Ally No Penalty CD using funds from another Ally account in a minute or two (no exaggeration), and you can break it and return the funds to an Ally account in less than one minute. I've opened at least a half dozen since they were announced and I haven't run into any downsides.
I appreciate this. I missed the boat on the 0.25% interest rate increase. I will probably go ahead and pull the trigger. As another poster implied, trying to save the ER on an index fund and not maximizing interest rates probably makes me a bit hypocritical and that is a fair criticism.
I don't remember the name of the phenomenon, but in framing the change in money as an issue of loss aversion vs missing out on a gain, we tend to respond more strongly to the former.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by nps » Wed May 13, 2020 6:04 am

Waiting_for_Godot wrote:
Wed May 13, 2020 5:06 am
I don't remember the name of the phenomenon, but in framing the change in money as an issue of loss aversion vs missing out on a gain, we tend to respond more strongly to the former.
It's simply called loss aversion. You got it.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by IndexCore » Wed May 13, 2020 8:50 am

Kevin M wrote:
Tue May 12, 2020 12:22 pm
IndexCore wrote:
Tue May 12, 2020 4:17 am
<snip>
Ally hasn't been good about customer communication with me. They only offer phone calls and email - no website messaging like every other online bank I've used.
<snip>
The underlined part is not true. They offer both online chat and secure messaging via their website. I have used both extensively with good results. Perhaps you just don't know how to access the functionality?
Every bank I've ever used put messages on the main page, with notifications when they communicate with me. By looking deeper, I found it:
https://secure.ally.com/bank/secure-messages

I wish that was the only issue - but Ally has not communicated with me, either. Owing to a mix-up with my residential and mailing address, they planned to liquidate my account and force early withdrawal penalties on all my CDs held there. No messages in my account, no email, and no phone call. I might have received a letter, by which time it was almost at the deadline for fixing the issue.

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by TravelGeek » Wed May 13, 2020 9:57 am

IndexCore wrote:
Wed May 13, 2020 8:50 am
Kevin M wrote:
Tue May 12, 2020 12:22 pm
IndexCore wrote:
Tue May 12, 2020 4:17 am
<snip>
Ally hasn't been good about customer communication with me. They only offer phone calls and email - no website messaging like every other online bank I've used.
<snip>
The underlined part is not true. They offer both online chat and secure messaging via their website. I have used both extensively with good results. Perhaps you just don't know how to access the functionality?
Every bank I've ever used put messages on the main page, with notifications when they communicate with me. By looking deeper, I found it:
https://secure.ally.com/bank/secure-messages
Ally Homepage, upper right hand corner, click on the envelope icon.

My experience is that they send you an email notification when they send you a new secure message. The system confirms that: “We'll send an email to your personal email address when a response is waiting for you here.”

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by PizzaEater » Thu May 14, 2020 9:29 am

Momus wrote:
Mon May 11, 2020 9:08 pm
Open CD today and fund it in 10 days. Rate lock.
I opened 2 CDs on Monday night. One I funded with my Ally Savings account. Of course it funded immediately and shows an Apr 11, 2021 maturity date, with a rate of 1.45%.

The second I funded from my Bank of America account. Through yesterday, the CD showed the 1.45% rate, but with a $0 balance (as the funds had not yet cleared from BoA). This morning I logged in, and now the $5000 is there, but the maturity date has updated to Apr 14, 2021, and the the rate has changed to 1.30% (i.e., the current rate as of today). Will this all get corrected 10 days after my original opening date?

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Jack FFR1846 » Thu May 14, 2020 9:37 am

ccf wrote:
Tue May 12, 2020 9:12 am
BeneIRA wrote:
Mon May 11, 2020 9:57 pm
Sheer laziness. I may or may not be referring to myself :wink:
I'm not scolding you or trying to make you feel bad - just thowing this out there in case anyone needs to hear it:

You can open an Ally No Penalty CD using funds from another Ally account in a minute or two (no exaggeration), and you can break it and return the funds to an Ally account in less than one minute. I've opened at least a half dozen since they were announced and I haven't run into any downsides.
.....but Ally's no penalty CD only pays 1.3%. To get 1.5%, I'd have to open a regular 5 year CD. Moving the money over to a MegaMoney account at Redneck gets me 1.5% up to $50k with no restrictions.

I do absolutely chase rates. I've already calculated that the $20k I'm moving from Ally to Redneck will make me $50 a year. I'll take the $50, thank you very much. As Knopfler sang....money for nothin'.
Bogle: Smart Beta is stupid

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Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by anon_investor » Thu May 14, 2020 9:39 am

Jack FFR1846 wrote:
Thu May 14, 2020 9:37 am
ccf wrote:
Tue May 12, 2020 9:12 am
BeneIRA wrote:
Mon May 11, 2020 9:57 pm
Sheer laziness. I may or may not be referring to myself :wink:
I'm not scolding you or trying to make you feel bad - just thowing this out there in case anyone needs to hear it:

You can open an Ally No Penalty CD using funds from another Ally account in a minute or two (no exaggeration), and you can break it and return the funds to an Ally account in less than one minute. I've opened at least a half dozen since they were announced and I haven't run into any downsides.
.....but Ally's no penalty CD only pays 1.3%. To get 1.5%, I'd have to open a regular 5 year CD. Moving the money over to a MegaMoney account at Redneck gets me 1.5% up to $50k with no restrictions.

I do absolutely chase rates. I've already calculated that the $20k I'm moving from Ally to Redneck will make me $50 a year. I'll take the $50, thank you very much. As Knopfler sang....money for nothin'.
Why not move that $20k to Marcus no penalty CD at 1.55%. Pretty sure Redneck will continue to drop their rates like everyone else.

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fortfun
Posts: 2679
Joined: Tue Apr 19, 2016 7:31 pm

Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by fortfun » Thu May 14, 2020 9:47 am

I was lucky to lock in on 2, 1.9% no penalty CDs, with a 1% bonus on money from Simple Bank. When the 11 months expire, I'll keep my eyes open for other bank bonuses.

I'll continue to use Ally for day to day banking because I believe their phone app is the best I've used.

DeskJumper
Posts: 25
Joined: Fri Sep 13, 2019 1:37 pm

Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by DeskJumper » Thu May 14, 2020 12:03 pm

I opened and funded the 7 month no-penalty CD at Marcus today. Took less time than microwaving a cup of coffee. 1.55 stinks compared to what I was getting a year ago near 3% but I see foresee the monthly rate cuts continuing for a while. The mechanisms that make the higher than usual rates possible are the same across all HYSA banks so if you're happy with the service there's no point in jumping from one to another to save a few basis points. They all move pretty much together.

wordsmith11
Posts: 42
Joined: Mon Mar 27, 2017 10:18 pm

Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by wordsmith11 » Thu May 14, 2020 12:19 pm

AmEx HYSA dropped to 1.3% today.

Momus
Posts: 1023
Joined: Tue Feb 21, 2012 9:23 pm

Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Momus » Fri May 15, 2020 12:34 am

PizzaEater wrote:
Thu May 14, 2020 9:29 am
Momus wrote:
Mon May 11, 2020 9:08 pm
Open CD today and fund it in 10 days. Rate lock.
I opened 2 CDs on Monday night. One I funded with my Ally Savings account. Of course it funded immediately and shows an Apr 11, 2021 maturity date, with a rate of 1.45%.

The second I funded from my Bank of America account. Through yesterday, the CD showed the 1.45% rate, but with a $0 balance (as the funds had not yet cleared from BoA). This morning I logged in, and now the $5000 is there, but the maturity date has updated to Apr 14, 2021, and the the rate has changed to 1.30% (i.e., the current rate as of today). Will this all get corrected 10 days after my original opening date?
Yes.

Whakamole
Posts: 1143
Joined: Wed Jan 13, 2016 9:59 pm

Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by Whakamole » Fri May 15, 2020 10:09 am

Alliant is at 1.2%.

Out of curiosity, I checked the CD options through Vanguard. 1 year CDs paying 0.25% and that's the best rate :shock:

RetiredNewbie
Posts: 40
Joined: Sun Dec 10, 2017 7:52 am
Location: Southeast Virginia

Re: Ally lowers APR on savings from 1.5% to 1.25%

Post by RetiredNewbie » Fri May 15, 2020 3:23 pm

wordsmith11 wrote:
Thu May 14, 2020 12:19 pm
AmEx HYSA dropped to 1.3% today.
So did CIT Bank's Savings Builder.
Your attitude about risk changes significantly when the bear begins to maul you.

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