Ally (and presumably others) has been raising rates

**kork13** · 06-06-2022, 07:34 AM

They're also pushing a 20mo CD at 2.0% (at least, it's an omnipresent ad anytime I login)

**disneysteve** · 06-06-2022, 07:43 AM

It's nice to see rates rising but I certainly can't recommend those Ally CD rates to anyone. Buying brokered CDs and Treasuries is just as simple and low maintenance. Right now, Vanguard has 1 year brokered CDs and Treasuries paying 2.15%. For 18 months, you can get 2.5%. Big difference. Vanguard, Fidelity, Schwab, whichever you use all make it super easy.

**frugal saver** · 07-01-2022, 10:33 AM

Ally's rates are the lowest of all my banks, but they recently opened a "bucket" concept for the savings account that I love. You can identify multiple buckets with goal amounts, dates, tracking, etc. and it will divide up your savings account. I have one bucket for my insurance deductible so it's sitting there if I need it, and one to save for my homeowner's insurance premium.

Alliant FCU is currently 1.05% for savings and CDs range from 2.10% for 1 year to 2.95% for 5 years, which is excellent.
Barclay Bank is 1.10% for savings, and CDs run from 1.90% to 2.50%.
Goldman Sachs Marcus just went to 1.20% for savings and CDs run from 2.25% to 2.90%

I've dealt with all of these banks for years and never had a problem.

**kork13** · 07-01-2022, 11:12 AM

Originally posted by frugal saver View Post

Ally's rates are the lowest of all my banks, but they recently opened a "bucket" concept for the savings account that I love. You can identify multiple buckets with goal amounts, dates, tracking, etc. and it will divide up your savings account. I have one bucket for my insurance deductible so it's sitting there if I need it, and one to save for my homeowner's insurance premium.

I love Ally's "buckets" as well. It allows me to keep my cash savings organized, while it's all in a single account. It doesn't have the rigidity that I've previously had by opening 3-5 separate savings account for each thing. I have part of my EF in a bucket, annual taxes & insurance, car savings, travel savings, etc. I can add to or pull from them as needed, and if one bucket runs dry, you can set a priority order for which bucket it pulls from next. Big fan. Now I only have our checking account, savings account, and a separate savings account for our rental house (also using the buckets for maintenance, taxes/insurance, etc.).

**QuarterMillionMan** · 01-30-2023, 12:41 PM

Legacy banks (ie, Chase, BofA, Wells Fargo) still holding out at .01% while online banks are paying over 3%. It is so hard for them to let go of their stranglehold on those low rates and excessive fees. I guess that I'm not doing my part because I personally still have Chase & Wells Fargo. I need to vote with my feet but I have direct deposit and automatic bills.

**Jluke** · 01-30-2023, 01:36 PM

Originally posted by QuarterMillionMan View Post

Legacy banks (ie, Chase, BofA, Wells Fargo) still holding out at .01% while online banks are paying over 3%. It is so hard for them to let go of their stranglehold on those low rates and excessive fees. I guess that I'm not doing my part because I personally still have Chase & Wells Fargo. I need to vote with my feet but I have direct deposit and automatic bills.

Keep those accounts and add the online bank if you haven’t already.

transfer excess out. Assuming no fees or penalties.

or split your direct deposit so some goes to online and some goes to wells/chase.

**disneysteve** · 01-30-2023, 04:22 PM

Originally posted by QuarterMillionMan View Post

Legacy banks (ie, Chase, BofA, Wells Fargo) still holding out at .01% while online banks are paying over 3%. It is so hard for them to let go of their stranglehold on those low rates and excessive fees. I guess that I'm not doing my part because I personally still have Chase & Wells Fargo. I need to vote with my feet but I have direct deposit and automatic bills.]

Just because you have accounts there doesn't mean you need to keep a bunch of money in them. Our checking account is at BoA. I keep enough in there to cover our monthly bills between paychecks and a little buffer. Everything else is in Ally or Vanguard.

**Drake3287** · 01-31-2023, 06:43 PM

Funny looking at the first post on this thread with the .75% for an Ally savings account. 6 months later and it's now 3.40% and 12 month CD's there are 4.25%. Unfortunately I'm sure things will be slowing down after Feb. 1st's Fed announcement though.

**terri77** · 02-02-2023, 06:09 PM

Capital One has an 11 month CD for 5.00%. The rate is available until 3/14/23.

Ally (and presumably others) has been raising rates