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Just switched from Capital One to Ally

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    Just switched from Capital One to Ally

    We have had an online savings account with Capital One (previously ING) for a while. My daughter has an account with Ally and frequently reminds me that her account pays a much higher rate than mine (I've taught her well ). I finally got around to opening an Ally account. As soon as it is up and running, I'll transfer everything over from Capital One and close that account.

    Capital One is paying 1.00%.
    Ally if paying 1.65%, so quite a bit higher.

    Plus, every time the Fed has raised rates, like last week, Ally has quickly raised their rate. Capital One has not changed a bit.

    The whole process took about 10 minutes.
    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
    Will CapOne charge a fee for closing the account?

    Comment


      #3
      Originally posted by Jluke View Post
      Will CapOne charge a fee for closing the account?
      No. I was able to close it easily via the live chat online. I have no complaints about their website or customer service. They just aren't paying well.
      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


        #4
        Thanks. Glad it was easy.

        Iím not happy they are doing away with their investing platform that they inherited from Sharebuilder/ING.

        I did open a 12-month CD at 2.1% with them in April. Now they have it at 2.25%

        Havenít switched from the savings account to the money market account for the 1.6% rate. Yet.

        Comment


          #5
          Originally posted by Jluke View Post
          Havenít switched from the savings account to the money market account for the 1.6% rate. Yet.
          I thought about doing that but the higher rate is only for over 10K. If you have less than 10K, you only get 0.85% I think, so worse than the savings account.

          Ally is 1.65% from the first dollar.
          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


            #6
            I miss my HSBC account that paid me 6% back in 2007.
            Brian

            Comment


              #7
              Originally posted by bjl584 View Post
              I miss my HSBC account that paid me 6% back in 2007.
              I was just telling my daughter the other day that when I was her age, the interest rate on a 5 year CD was 12%. Those were the days (sung in an Edith Bunker fashion).


              I think the rates are expected to rise twice this year (Sept and Dec?). I think I will wait until at least Sept before I divide the Cap 1 account up to open other accounts. It just depends on if I can find a good bonus. I'm hoping to find time this week to transfer my daughter's savings from Chase to Cap 1. A lot of banks, Chase included, pay kids shockingly lower rates. My daughter is earning .01% and Cap1 pays 1% with no minimums or fees. I have no idea if Ally pays the same for kids because I can't find the info on their website.

              Comment


                #8
                Originally posted by msomnipotent View Post
                I was just telling my daughter the other day that when I was her age, the interest rate on a 5 year CD was 12%. Those were the days (sung in an Edith Bunker fashion).
                Did ya enjoy the inflation as well ?

                Gunga galunga...gunga -- gunga galunga.

                Comment


                  #9
                  Originally posted by msomnipotent View Post
                  I was just telling my daughter the other day that when I was her age, the interest rate on a 5 year CD was 12%.

                  Cap1 pays 1% with no minimums or fees. I have no idea if Ally pays the same for kids because I can't find the info on their website.
                  Ally pays 1.65% with no minimum. I don't think it makes any difference how the account is titled (UGMA, Custodial, etc.).
                  Originally posted by greenskeeper View Post
                  Did ya enjoy the inflation as well ?
                  Sure, because if you bought a long-term CD at 12 or 13%, you were still enjoying those rates for years after things settled down. My parents made a bundle doing that.
                  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
                    I also clearly remember that 5.5% was the normal interest rate on regular banks accounts for years and years. It didn't vary. Every bank was the same. A savings account paid 5.5%. That's just how it was. Then deregulation happened and a bunch of other stuff and things went crazy.
                    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


                      #11
                      FNBODirect is currently paying 1.75% for their online savings accounts. They are pretty good at keeping current with the prevailing rates. I had a CD mature with Navy Federal. I'm not quite ready to commit all of it to their best rate of 2.25% for 18 months, so I'll be moving some to FNBODirect to at least get better than my Navy Federal savings account!
                      My other blog is Your Organized Friend.

                      Comment


                        #12
                        Ugh I should switch but dang I have so many sub accounts in my Capital One that I just hate to bother redoing all that.

                        msomnipotent had a good point about waiting things out a bit to see what happens with interest hikes, think I'll take that route.

                        Comment


                          #13
                          Originally posted by disneysteve View Post
                          My daughter has an account with Ally and frequently reminds me that her account pays a much higher rate than mine
                          Good for her!

                          Comment


                            #14
                            I may have to do the same

                            Anyone know anything about CIBC? It has a rate of 1.9%; the highest on bank rate.com.
                            Last edited by moneybags; 06-21-2018, 06:28 PM.

                            Comment


                              #15
                              I thought Capital one was only aroun .1% less than Ally. Is this a savings account or the money market account?

                              Comment

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