ALLY Bank and the new tier announcement

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kaneohe
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Re: ALLY Bank and the new tier announcement

Post by kaneohe » Sat Nov 07, 2015 10:14 am

Money Market Account
ANNUAL PERCENTAGE YIELD
0.85 %
On all balance tiers

similar "curve" for savings but higher.

did we scare them off or did they just want to lay the foundation for the future?
or is before the real announcement?
*****************************************************************

Postby kaneohe » Sat Oct 03, 2015 11:16 am

Maybe if we're lucky the tiers will look like tiaa-direct"s (w/ higher APY)

If your balance is: APY*
$0-$100 0.70%
$100-$10,00 0.70%
$10,000-$25,000 0.70%
$25,000 and above 0.70%

Note that at that time tiaa m.mkt & savings had same APY and tiers were flat.
Today savings is the same but m.mkt has developed a slope so while "average" yield
is the same, lower balances earn less and higher balances earn more. Tiers were flat
for many months (maybe even a yr) before the slope developed and the change was not announced.
Last edited by kaneohe on Sat Nov 07, 2015 11:11 am, edited 2 times in total.

razeus
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Re: ALLY Bank and the new tier announcement

Post by razeus » Sat Nov 07, 2015 10:36 am

All tiers have the same 1% rate. Lol. What was the point.

tenkuky
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Re: ALLY Bank and the new tier announcement

Post by tenkuky » Sat Nov 07, 2015 11:16 am

I don't think there is real announcement yet; I am still seeing "come back later" and for rates, it's all blank.

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WolfpackFan
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Re: ALLY Bank and the new tier announcement

Post by WolfpackFan » Sat Nov 07, 2015 11:27 am

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

says 1% for all balance tiers... kinda anti-climactic if ya ask me
Last edited by WolfpackFan on Sat Nov 07, 2015 12:41 pm, edited 1 time in total.

razeus
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Re: ALLY Bank and the new tier announcement

Post by razeus » Sat Nov 07, 2015 12:11 pm

I was ready to switch if it was anything less than 1%.

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Abe
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Re: ALLY Bank and the new tier announcement

Post by Abe » Sat Nov 07, 2015 12:57 pm

When I go to Ally website it says:

Online Savings Account
Annual percentage yield
1.00% Less than $5,000 daily balance
1.00% $5,000 minimum daily balance
1.00% $25,000 minimum daily balance
1.00% On all balance tiers
Slow and steady wins the race.

tbradnc
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Re: ALLY Bank and the new tier announcement

Post by tbradnc » Sat Nov 07, 2015 1:02 pm

Abe wrote:When I go to Ally website it says:

Online Savings Account
Annual percentage yield
1.00% Less than $5,000 daily balance
1.00% $5,000 minimum daily balance
1.00% $25,000 minimum daily balance
I predict that will change when logins start working again. At 1:00 PM I'm still getting:

We're sorry
We're making a few updates, so online banking isn't available right now. Please come back later Saturday morning.
Thank you for your patience.

small_index
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Re: ALLY Bank and the new tier announcement

Post by small_index » Sat Nov 07, 2015 2:17 pm

...
Last edited by small_index on Sat Dec 12, 2015 1:20 am, edited 1 time in total.

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VA_Gent
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Re: ALLY Bank and the new tier announcement

Post by VA_Gent » Sat Nov 07, 2015 3:00 pm

Interest Checking
Less than $15,000=0.10%
$15,000 or more=0.60%


That is the only change? Really?

Jake-R
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Re: ALLY Bank and the new tier announcement

Post by Jake-R » Sat Nov 07, 2015 3:02 pm

razeus wrote:I was ready to switch if it was anything less than 1%.
Me too. I'm glad they didn't lower the rates. They are setting it up so they can but competition is pretty strong and it is very easy to switch HY savings banks these days. Maybe it will stay flat for all tiers for a long time.

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Phineas J. Whoopee
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Re: ALLY Bank and the new tier announcement

Post by Phineas J. Whoopee » Sat Nov 07, 2015 3:07 pm

Nobody should be surprised that as of today, when the tiers came into effect, there are no interest rate changes.
Ally Bank [url=http://community.ally.com/straight-talk/a-few-changes-same-great-bank/]in this announcement[/url] wrote:...
Our rates are determined by several factors, including conditions in the marketplace and the competitive environment. If rates eventually rise, balance tiers will provide Ally Bank with the flexibility to potentially offer customers a different rate based on account balance.
...
PJW

fsrph
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Re: ALLY Bank and the new tier announcement

Post by fsrph » Sat Nov 07, 2015 3:17 pm

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

says 1% for all balance tiers... kinda anti-climactic if ya ask me
They're now have the ability to change tier rates in the future. Just because they didn't do it on day 1, doesn't mean they won't in the future.
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pennstater2005
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Re: ALLY Bank and the new tier announcement

Post by pennstater2005 » Sat Nov 07, 2015 4:42 pm

Even if they decreased it slightly to say .90% I probably would not switch banks. Too much of a hassle to change all the bills. I've switched too many times before.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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wintermute
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Re: ALLY Bank and the new tier announcement

Post by wintermute » Sat Nov 07, 2015 4:47 pm

This really annoys me and cost me interest while waiting.

tbradnc
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Re: ALLY Bank and the new tier announcement

Post by tbradnc » Sat Nov 07, 2015 5:02 pm

pennstater2005 wrote:Even if they decreased it slightly to say .90% I probably would not switch banks. Too much of a hassle to change all the bills. I've switched too many times before.
Somebody is doing the math trying to guesstimate how many of you there are vs. how many people will leave for another .10/.15%

And I'm sure they'd like people with 4-10 little accounts to consolidate them into 1 larger account in order to earn the higher rate.

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pennstater2005
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Re: ALLY Bank and the new tier announcement

Post by pennstater2005 » Sat Nov 07, 2015 6:11 pm

tbradnc wrote:
pennstater2005 wrote:Even if they decreased it slightly to say .90% I probably would not switch banks. Too much of a hassle to change all the bills. I've switched too many times before.
Somebody is doing the math trying to guesstimate how many of you there are vs. how many people will leave for another .10/.15%

And I'm sure they'd like people with 4-10 little accounts to consolidate them into 1 larger account in order to earn the higher rate.
It will be interesting to see how this pans out in the long run. For me a reduction to ~.75% or so would probably cause me to consider switching banks.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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WolfpackFan
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Re: ALLY Bank and the new tier announcement

Post by WolfpackFan » Sat Nov 07, 2015 6:42 pm

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

says 1% for all balance tiers... kinda anti-climactic if ya ask me
They're now have the ability to change tier rates in the future. Just because they didn't do it on day 1, doesn't mean they won't in the future.
Ummm, okay? I don't think anybody said anything to the contrary.

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mickeyd
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Re: ALLY Bank and the new tier announcement

Post by mickeyd » Sun Nov 08, 2015 1:52 pm

I received in the mail yesterday an offer from Discover bank to give them at least $15K and they would give me $100 bonus plus 0.95% online account. Is Discover bank trying to lure me away from Ally (1.00% account)? Do they even know that I have an Ally account?

The small print indicates that Discover will credit my "bonus" within 30 days. I guess that means that on day 31 I could close the account and keep the $100. But it does no actually say that.
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Kevin M
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Re: ALLY Bank and the new tier announcement

Post by Kevin M » Sun Nov 08, 2015 3:03 pm

mickeyd wrote:I received in the mail yesterday an offer from Discover bank to give them at least $15K and they would give me $100 bonus plus 0.95% online account. Is Discover bank trying to lure me away from Ally (1.00% account)? Do they even know that I have an Ally account?

The small print indicates that Discover will credit my "bonus" within 30 days. I guess that means that on day 31 I could close the account and keep the $100. But it does no actually say that.
I did a similar Discover Bank deal, but it was $100 for $10K. There is no mention of how long you must keep the $10K in the account, which is kind of confusing, but the account must remain open until the bonus is credited to the account: Savings Account | Discover Bank
Bonus offer valid through 11/30/15. Limited to new savings customers . Only 1 per customer per account. To receive $50 or $100 bonus: 1) Must apply through HustlerMoneyBlog.com by 11/30/15; and 2) Minimum deposit of $5,000 for $50 Bonus or $10,000 for $100 bonus must be received by 12/15/15. Bonus will be issued by 1/31/16 as credit to the account, which must be open at issue. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
I also did the CapOne360 deal with bonus up to $500 on $50K for 90 days, and Synchrony Bank with bonus of $50 on $10K for 60 days. The APY on all of these comes out to significantly more than the 3.04% I can earn by adding more to my CD at NWFCU, so I did the bonus deals first, waiting for proceeds some maturing CDs to top off the NWFCU CD.

Kevin
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kazper
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Re: ALLY Bank and the new tier announcement

Post by kazper » Sun Nov 08, 2015 10:30 pm

I agree that it makes no sense to have tiers if they are all set to the same rate. Could be hinting towards something further down the line. Maybe they are trying to introduce the actual change gradually!?

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joe8d
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Re: ALLY Bank and the new tier announcement

Post by joe8d » Sun Nov 08, 2015 10:53 pm

kazper wrote:I agree that it makes no sense to have tiers if they are all set to the same rate. Could be hinting towards something further down the line. Maybe they are trying to introduce the actual change gradually!?
Agree.
All the Best, | Joe

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Kenster1
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Re: ALLY Bank and the new tier announcement

Post by Kenster1 » Mon Dec 07, 2015 10:03 am

So far no changes across the Savings and Money Market Accounts with respect to the 3 Tiers - but I DON'T think Ally is planning to go the way of low APY rates for the lower tiers and only offering the better competitive rates for the top tiers.

If you look at the 3-Year CD rate (as of today at Ally Bank): Under $5k will still net you a nice 1.50% APY. The next tier between $5k and $25k offers a fraction more at 1.52% APY and then $25k will net you $1.55%.

They are still offering the same great rates across their products even for small accounts but it looks like the tier structure allows them to offer a tiny fraction more for higher balances for some products like the example I just gave.

Despite the addition of the 3 tiers - hopefully they don't mess around with their great rates for all balances. My guess and hope I'm right is that the lower balances will still get the same top competitive rates in the future but they may able to able to squeeze out just a tiny bit fractionally more for the higher tiers.

We'll have to see.
Last edited by Kenster1 on Mon Dec 07, 2015 1:58 pm, edited 2 times in total.
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mickeyd
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Re: ALLY Bank and the new tier announcement

Post by mickeyd » Mon Dec 07, 2015 1:44 pm

Since I have a nice chunk of cash @ Ally, I would be happy to get rewarded with an APY of greater than 1.00%. In fact, I am expecting it.
Part-Owner of Texas | | “The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle

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Kenster1
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Re: ALLY Bank and the new tier announcement

Post by Kenster1 » Mon Dec 07, 2015 1:57 pm

mickeyd wrote:Since I have a nice chunk of cash @ Ally, I would be happy to get rewarded with an APY of greater than 1.00%. In fact, I am expecting it.
Probably so - the Fed/Central Bank looks like it's ready soon to raise the interest rates - just around the corner.

The problem to watch out for is this --- when interest rates rise (coming soon), will Ally's lower tier bucket (<$5k and <$25k balances) also see their interest rates rise to match the top competitors as it's currently doing today? Or will Ally spread it out to where you have to go with the top tier ($25k+) to match the top group of high-yielding savings accounts - once interest rates rise and Ally assesses the interest rate increases across the 3 tiers?

We'll find out soon.
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joe8d
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Re: ALLY Bank and the new tier announcement

Post by joe8d » Mon Dec 07, 2015 8:51 pm

Or will Ally spread it out to where you have to go with the top tier ($25k+) to match the top group of high-yielding savings accounts -
Think that will be the case.
All the Best, | Joe

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Kenster1
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Re: ALLY Bank and the new tier announcement

Post by Kenster1 » Sat Jan 30, 2016 8:44 am

So far no changes.

I do see on Ally's Facebook page that a fair number of people - especially millenials - are asking Ally Bank to catch up with technology and some have posted links and hints to Ally about how other Banks and Credit Unions have already offered the latest technologies.

Things such as EMV Chip debit cards, Apple Pay, Touch ID for mobile app, etc. I've also been wondering about that myself as well.
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Longdog
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Re: ALLY Bank and the new tier announcement

Post by Longdog » Sat Jan 30, 2016 8:54 am

Kenster1 wrote:So far no changes.

I do see on Ally's Facebook page that a fair number of people - especially millenials - are asking Ally Bank to catch up with technology and some have posted links and hints to Ally about how other Banks and Credit Unions have already offered the latest technologies.

Things such as EMV Chip debit cards, Apple Pay, Touch ID for mobile app, etc. I've also been wondering about that myself as well.
It really surprises me that there are so many ways of doing the exact same thing (i.e., paying for things), and that people place value on those various ways - as if they are so revolutionary. What difference does it make if you pay with cash on hand, or another "vehicle" that either a) pays for it by deducting cash from an account or b) pays for it by borrowing money from a creditor.
Steve

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Kenster1
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Re: ALLY Bank and the new tier announcement

Post by Kenster1 » Sat Jan 30, 2016 12:27 pm

Longdog wrote:It really surprises me that there are so many ways of doing the exact same thing (i.e., paying for things), and that people place value on those various ways - as if they are so revolutionary. What difference does it make if you pay with cash on hand, or another "vehicle" that either a) pays for it by deducting cash from an account or b) pays for it by borrowing money from a creditor.
So you don't mind going back to the days of counting cash? You don't mind standing behind in line with others in front you writing checks?

For the longest time - the trains in Chicago never even offered debit/credit card purchases - it was always via cash or checks? Have you experienced what it's like not to offer this form of payment standing behind huge lines of people as they paid in cash or write checks? Do you know how happy many commuters are now that they finally offered and expanded this form of payment?

So in the Chicago area - you don't think the expanded option of the electronic Toll Road to collect payment has helped? So let's go back in time and stop all traffic to collect 50 cents or 80 cents or a dollar? What's the difference right? They're still collecting money?

If you're the type that want that physical Airline Ticket Boarding pass in your hand - then so be it. Let others move forward of using other electronic methods such as showing their electronic boarding pass on their smartphones - and it's available now for many airlines.

You still want to share data via Disks and CDs? Sure you still can by all means - but let others modernize and move forward with new ways of doing it such as cloud storage.
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Longdog
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Re: ALLY Bank and the new tier announcement

Post by Longdog » Sat Jan 30, 2016 2:14 pm

Kenster1 wrote:
Longdog wrote:It really surprises me that there are so many ways of doing the exact same thing (i.e., paying for things), and that people place value on those various ways - as if they are so revolutionary. What difference does it make if you pay with cash on hand, or another "vehicle" that either a) pays for it by deducting cash from an account or b) pays for it by borrowing money from a creditor.
So you don't mind going back to the days of counting cash? You don't mind standing behind in line with others in front you writing checks?

For the longest time - the trains in Chicago never even offered debit/credit card purchases - it was always via cash or checks? Have you experienced what it's like not to offer this form of payment standing behind huge lines of people as they paid in cash or write checks? Do you know how happy many commuters are now that they finally offered and expanded this form of payment?

So in the Chicago area - you don't think the expanded option of the electronic Toll Road to collect payment has helped? So let's go back in time and stop all traffic to collect 50 cents or 80 cents or a dollar? What's the difference right? They're still collecting money?

If you're the type that want that physical Airline Ticket Boarding pass in your hand - then so be it. Let others move forward of using other electronic methods such as showing their electronic boarding pass on their smartphones - and it's available now for many airlines.

You still want to share data via Disks and CDs? Sure you still can by all means - but let others modernize and move forward with new ways of doing it such as cloud storage.
You've expanded a bit beyond mere payment options when you refer to airline ticket boarding passes and data sharing technologies, but on the payment options front, specifically point-of-sale payments:

From a convenience standpoint - which is what most payment options are using as their selling point - I find no difference (in convenience) between a credit card that is swiped, waved, or one that has a chip. I find no difference between any of those and Apple Pay. I find no difference between Apple Pay and Android Pay. I find no difference between a credit card and a gift card. I find any and all of those more convenient than counting cash or writing a check. But the differences between those options (other than cash or check), to me, are inconsequential. And I find the claim (that some payment technology advocates put forward to market their own technology) that you don't have to carry a wallet is nonsense, unless you are a child or do not need proof of ID, insurance, driver's license, or vehicle registration.

Also, I am not advocating that any of those options should be prohibited or that people should be prevented from using them, and I was not commenting at all on options to prove that you have paid for transit on a plane, train, or automobile (via toll road).
Steve

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