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  • Ally savings rate up to 2.00%

    I got a notice a couple of days ago that Ally raised their interest rate again to 2.00%. There is no minimum deposit and no fees.

    I believe Capital One is also paying 2.00% but only for balances of $10,000 or higher. The rate for anything under that is a measly 0.85%.

    Unless you always keep at least 10K in your account, I'd say Ally is definitely the way to go.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

  • #2
    Marcus, Synchrony, and Barclay's are all at 2.05%. MySavingsDirect is at 2.35%. I think I might jump ship to MySavingsDirect, which is owned by Emigrant.

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    • #3
      From Googling around, I found that MySavingsDirect has a history of raising rates above other online banks, then dropping them below. So no, I don't think I will bother with them. However, PNC's online savings account also is currently paying 2.35% I just opened an account and funded it with $1. Will migrate savings to PNC shortly. Note: PNC has brick and mortar locations, and offers traditional savings accounts with abysmal interest rates. If interested (haha), be sure to select the online savings which is the one paying 2.35%.
      PNC offers a wide range of services for all our customers, from individuals and small businesses, to corporations and government entities. No matter how simple or complicated your needs, we're sure to have the products, knowledge and resources necessary for financial success.

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      • #4
        I'm with Petunia 100. There's nothing wrong with Ally, and it's better than a lot of banks, but there are other options that may be better. Marcus and Barclay's,two that Petunia 100 mentioned, seem to always be just ever so slightly higher than Ally, with no minimums.
        And right now there is a sweet 7-month 7.00% CD at Great Lakes CU where some might want to consider parking a portion of their EF or cash investments (up to $7K which is the maximum balance). For details see: https://www.depositaccounts.com/bank...kes-cu/offers/

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        • #5
          I didn't want to start a new thread.

          But wanted to let you guys know that I switch to Ally 1 month ago.

          For many years, I was with Washington Mutual and now Chase. I've always had a checking and Saving account with them.
          I've always had Direct deposit to my savings. I knew the interest rate was terrible (0.01) with chase. I had about 40k stash for years as my EF. I guess part of me was that I was being loyal to chase and also scared to move my money to an online banking account that I've never done before.

          What disgust me was that last month I check my statement and I made a FULL 52 cent interest in ALL of 2019. I was OVER IT.

          Long story short. Last month I switch over to ALLY for my savings. I still use chase checking for my bills. But I just got my Ally statement and in one month. I made 65 DOLLARS.

          I know 65 dollars isn't much. But common, 65 dollars in 1 month vs 52 cents all of 2019

          If anyone is on the border of switching. JUST DO IT.

          PS. It's a good day to have a good day.

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          • #6
            I miss getting over 5%

            Best I could find was Customers Bank paying 2.5%, but you need a minimum of $25,000.
            HSBC is paying 2.3% with no minimum.

            https://www.depositaccounts.com/feat...oaArxLEALw_wcB


            Brian

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            • #7
              Originally posted by thomasdan View Post
              I knew the interest rate was terrible (0.01) with chase

              I just got my Ally statement and in one month. I made 65 DOLLARS.

              I know 65 dollars isn't much. But common, 65 dollars in 1 month vs 52 cents all of 2019
              It is mind boggling how many people leave tens of thousands of dollars sitting in accounts earning essentially nothing when they could be making some real money. $65/month is almost $800/year that you were missing out on by banking with Chase. Multiply that by all the people who have accounts like that and the amount of money being lost is outrageous.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

              Comment


              • #8
                I'm actually a little piss that I didn't do it sooner. But oh well, time to look forward.

                I mention this to my co-worker. And her response was " I've been with my bank for a long time. No reason to switch. They treat me good" (She also banks with Chase)

                My reply: So is 0.01 treating you good? lol


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                • #9
                  Originally posted by thomasdan View Post
                  I " I've been with my bank for a long time. No reason to switch. They treat me good" (She also banks with Chase)
                  It's so kind of them to hold your money for you for free. You don't pay them; they don't pay you. And it's nice of you to give them all of those funds to lend out to other customers and let them make all of that money with your funds.
                  Steve

                  * Despite the high cost of living, it remains very popular.
                  * Why should I pay for my daughter's education when she already knows everything?
                  * There are no shortcuts to anywhere worth going.

                  Comment


                  • #10
                    Ugh, I'm one of the ones who should switch and I never do. I'm at Capital One and I like having all the different savings accounts for different things. If I combined all my accounts over there to the money market I'd get more interest, but then I lose my different savings buckets. Oh, I know I could keep a spreadsheet, but I don't wanna

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                    • #11
                      Originally posted by Thrif-t View Post
                      Ugh, I'm one of the ones who should switch and I never do. I'm at Capital One and I like having all the different savings accounts for different things. If I combined all my accounts over there to the money market I'd get more interest, but then I lose my different savings buckets. Oh, I know I could keep a spreadsheet, but I don't wanna
                      By "over there", do you mean Ally? They allow the same thing -- I've had as many as 6 different savings accounts with them. I've winnowed it down to 4 over time, but the process of adding and removing accounts has been simple.

                      I'm guilty of this as well though, with my checking account. I'd love to move our checking account somewhere that would earn at least a modicum of interest, since my balance swings between $1k to $15k pretty regularly, and often hangs out around $5k-$10k. But I just really like the features of my current account besides the fact that it earns .01%. Liberal ATM rebates, web bill-pay, website & phone app interface, mobile deposit, no fees or minimums, and outstanding customer service... I'd love to switch to get better interest, but I'm not interested in worrying about getting a certain number of debit transactions a month, or keeping a minimum (or maximum) balance for decent rates, or whatever else. I just really like having a simple, no-fuss checking account that easily does everything that I need it to.
                      "Praestantia per minutus" ... "Acta non verba"

                      Comment


                      • #12
                        Originally posted by kork13 View Post
                        I'm guilty of this as well though, with my checking account. I'd love to move our checking account somewhere that would earn at least a modicum of interest, since my balance swings between $1k to $15k pretty regularly, and often hangs out around $5k-$10k. But I just really like the features of my current account besides the fact that it earns .01%. Liberal ATM rebates, web bill-pay, website & phone app interface, mobile deposit, no fees or minimums, and outstanding customer service... I'd love to switch to get better interest, but I'm not interested in worrying about getting a certain number of debit transactions a month, or keeping a minimum (or maximum) balance for decent rates, or whatever else. I just really like having a simple, no-fuss checking account that easily does everything that I need it to.
                        I'm the same way with checking. I've never even considered moving that account even though it earns zero interest. That's not the point of that account in my mind. It's an operating account. I need it to be free and easy, and it is. Great website and app, online bill pay, mobile deposits, easy transfers, several local physical branches and ATMs if I ever need them (which is rare but happens now and then). I've had that account for probably over 30 years. It doesn't cost me a penny in fees and I have no reason to ever move it. The amount of interest I'm forgoing by keeping a few thousand dollars in there is negligible in the big picture. Plus I have so many other bills, services, and companies tied into that account that moving it would be a big pain.
                        Steve

                        * Despite the high cost of living, it remains very popular.
                        * Why should I pay for my daughter's education when she already knows everything?
                        * There are no shortcuts to anywhere worth going.

                        Comment


                        • #13
                          Petunia's blog recently reminded me about Redneck Bank. They currently offer 3% on up to $10,000 in checking. Requires 10 debit card uses per month. Also have a money market account at 2.5%.
                          "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

                          "It is easier to build strong children than to repair broken men." --Frederick Douglass

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                          • #14
                            Originally posted by Joan.of.the.Arch View Post
                            Petunia's blog recently reminded me about Redneck Bank. They currently offer 3% on up to $10,000 in checking. Requires 10 debit card uses per month.
                            Iím pretty sure I have never used my debit card.

                            i donít like accounts that have a bunch of strings attached.
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                            • #15
                              10 debit card uses is a large string. even if you make 10 $1 purchases per month, that's a pain for an extra % point.

                              You'd be better off doing that t-mobile promotion i mentioned earlier. Lower dollar amount but at least you're not jumping through crappy hoops.

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