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PSA : Starting 08/06/2019, Ally Bank Online Savings Account will earn 1.90% APY on all balance tiers.

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Just got e-mail from them

An update about your Online Savings Account.

Starting 08/06/2019, your Online Savings Account will earn 1.90% Annual Percentage Yield (APY) on all balance tiers.

This is not reflected on their site yet.
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This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2008
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#2
End of an era
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Joined Apr 2019
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#3
time to close
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Joined Jun 2005
moar touchpadz!
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#4
Dammit
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Joined Jun 2005
moar touchpadz!
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Our community has rated this post as helpful. If you agree, why not thank ?
#5
Have to find me a new Ally
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Joined Sep 2009
L10: Grand Master
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#6
I was concerned until I remembered that this doesn't affect my CD there.
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Joined Nov 2007
L5: Journeyman
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#7
Quote from zzyzzx
:
I was concerned until I remembered that this doesn't affect my CD there.
So what are the alternatives to Ally that is not a bait-n-switch?
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Joined Feb 2008
L8: Grand Teacher
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#8
Quote from inbox4sumit
:
So what are the alternatives to Ally that is not a bait-n-switch?
Marcus no-penalty CD, Ally no-penalty CD or Wealthfront savings -- which is a little bait and switch-y, but currently pays more than 1.9%, at least
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#9
Why in hot deals?
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#10
Maybe CIT...
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#11
What a great hot deal.

I can't wait until the OP also starts posting how prices are going up at their grocery store in hot deals.
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Joined Nov 2014
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#12
Good info. Why the thumbs down? If you haven't already, push your savings to 11 months No Penalty CD (2.3% APR) until we figure out what to do next after the new tariffs hit. Funny timing as I just emailed them why the No Penalty CD is not compounding interest daily. It's not even compounding at all!
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Last edited by InFor3 August 5, 2019 at 04:02 PM.
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#13
FYI: if you have $100,000 in a savings account there, this means that over the course of one year you will receive $200 less in interest than at the previous rate. $200 out of $100,000.

Yeah, it's better to see rates go up than down. But I doubt anyone here is losing any significant or noteworthy amount of money on this.
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Last edited by theimage13 August 5, 2019 at 07:16 PM.
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#14
Quote from theimage13
:
FYI: if you have $100,000 in a savings account there, this means that over the course of one year you will receive $20 less in interest than at the previous rate. $20 out of $100,000.

Yeah, it's better to see rates go up than down. But I doubt anyone here is losing any significant or noteworthy amount of money on this.
100K * .021 = $2100
100K * .019 = $1900

So a $200 difference, not $20. But better to put it in a 2.3-2.35% no penalty CD, Wealthfront (or wherever) at 2.32%, or if anyone can find a 2.5% savings option still around somewhere. Bank bonuses would be a good option too, like the recent Marcus 1% bonus promo (too late now, however).
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#15
Where is everyone moving their money to?
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