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Ally Savings Account APY reduced to 1 8% from 10/10/2019

387 172 October 10, 2019 at 08:08 PM
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When I went to their web page today, found that Ally has reduced the interest APY to 1.8% from 1.9% on its Savings Account effective today, 10/10/2019.

Sigh! I just opened up a Savings Account with them recently when it was 1.9%.

https://www.ally.com/bank/online-...s-account/
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Joined Oct 2013
L3: Novice
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#2
Their interest rates follow the Fed. When the Fed was raising rates, apy went up. The reverse is now happening. Still a better rate thank most physical banks and you can't expect them to lay a high amount when federal interest rates are being lowered. They are in it to make money as well
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Joined Jun 2013
L5: Journeyman
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#3
Drop these banks and use credit unions at least the invest in your local economy.

Btw repo pacylpse fed bail out banks with qe4 infinity.

They wont call it but its qe4. Smh liars. Which bank is insolvent? We need to find out but for sure it's the big banks tbtf.

Wells fargo money laundering scandal plus fake account making

JPM confirmed silver manipulation inherited by bear Sterns. Confirmation and they going through fines. No one in jail wtf.

HSBC money laundering for terrorists including Deutsche bank going bankrupt.

Gg
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Joined Oct 2010
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#4
Quote from koge811
:
Drop these banks and use credit unions at least the invest in your local economy.

Btw repo pacylpse fed bail out banks with qe4 infinity.

They wont call it but its qe4. Smh liars. Which bank is insolvent? We need to find out but for sure it's the big banks tbtf.

Wells fargo money laundering scandal plus fake account making

JPM confirmed silver manipulation inherited by bear Sterns. Confirmation and they going through fines. No one in jail wtf.

HSBC money laundering for terrorists including Deutsche bank going bankrupt.

Gg
I doubt most credit unions are comparable to the major online banks like Ally rate-wise or service-wise. Credit Unions imo are fine for your local B&M bank transactions, but are usually not going to give you the best rates on your savings. As for commercial banks, I do not know why anyone does business with them. Near zero rates and crummy service.

As to the rates, as noted already, they are falling and the online banks are just following suit. There is not much you can do about it outside of moving some money around to grab a new account bonus here and there imo.
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Joined Jun 2013
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#5
Cough doctor of credit google it. Higher interest rate accounts not from tbtf banks though.

but yes bank sign up bonuses are a way to make banks pay for your money and leave.

there are conditional debit card transaction fee banks.

lmcu for 3% I used when rates were 0%
now you can find some at 4-5 % for 10-30k.

with conditions though.
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Last edited by koge811 October 12, 2019 at 07:28 PM.
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Joined Sep 2006
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#6
I'm bummed they lowered the rate, but as stated earlier, they basically follow the fed. I've been considering opening a high yield savings account with TAB [depositaccounts.com]. According to that site their rate has been 2.4% since 1/26/2019. No fees (other than for paper statements), no minimums/maximums, and FDIC insured. This is just what I've read from researching after the announcement from Ally. Other than rate chase when the differential is great enough, not much else you can do.
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Joined Dec 2010
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#7
@leaveit2 and @ogp both of you are right. Ally is just following Fed's rates. Just putting out the info, so that others can decide if they should go with other higher rate savings accounts, or credit unions like CCU or Orion FCU.
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Joined Aug 2008
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#8
I use Ally as the central hub for my money, it has the BEST UI of any bank I have ever had. Ally controls all my cyclical direct deposits (and their withdrawal) to get higher rates for accounts of mine that require it.

TL;DR use Ally to automate your finances, get your yields somewhere else.
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