Just switched from Capital One to Ally

[disneysteve]

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

Savings is 1.0%. Money market is 0.85% up to 10K then 1.6% over that. Ally is 1.65% with no minimum.

[Thrif-t]

Savings is 1.0%. Money market is 0.85% up to 10K then 1.6% over that. Ally is 1.65% with no minimum.

Ya know I'm really shooting myself in the foot over there! I have over 10k but I have multiple sub accounts that the money is spread out over and no one account is over 10k to get the 1.6%. That really stinks. I might have to call and ask about that. I mean should it matter if I have a Christmas Account, House Account, Car Account, etc? If they are all in my name and soc, and they add up to over 10k shouldn't I get the 1.6%??

Plus I have a Roth IRA there that has over 10k in it too, so that should count for something too!

[disneysteve]

Ya know I'm really shooting myself in the foot over there! I have over 10k but I have multiple sub accounts that the money is spread out over and no one account is over 10k to get the 1.6%. That really stinks. I might have to call and ask about that. I mean should it matter if I have a Christmas Account, House Account, Car Account, etc? If they are all in my name and soc, and they add up to over 10k shouldn't I get the 1.6%??

Plus I have a Roth IRA there that has over 10k in it too, so that should count for something too!

Is a "sub account" just a "paper" designation within the same account or are they actually separate accounts with unique account numbers? If they are separate, then each one would have to be at least 10K to get the higher rate. It's not based on your total deposits with CapOne.

[JBinKC]

I have been using 28 day treasury direct staggered bills with only a minimum of $100 for my cash reserves tied to my checking account. Rate 1.83% compounded in the last auction which went down a little from last week. The interest also is state tax exempt.

[TheCudder]

Ally is up to 1.75% now.

[kork13]

Ally is up to 1.75% now.

I must say I'm rather impressed that they are so quick to raise rates, almost in lockstep with the feds. I mean, it's tenths of percentage points, but many accounts out there are even still only paying .01% (basically nothing).

[Nutria]

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.

Aggregate it all into one (Ally) account, and keep track of your subaccounts with a spreadsheet. That way, you:

1. don't have to worry about going red on a subaccount, and
2. can reorganize them as you please.

[MonkeyMama]

I must say I'm rather impressed that they are so quick to raise rates, almost in lockstep with the feds. I mean, it's tenths of percentage points, but many accounts out there are even still only paying .01% (basically nothing).

I've been with Ally almost a decade. They've always been very competitive and quick to raise rates.

Edited to add: Ally used to be GMAC. I looked out of curiosity and I actually opened the account in 2007, but it didn't become Ally until 2009.

[Joan.of.the.Arch]

We have an CapitalOne account in which we barely keep anything these days, but we have so like it a few times for sending money directly and so quickly to family a couple of times.

But just today our credit union has succeeded in wooing us back to more involvement. They are offering 3.01% up to $25,000 on the condition of 25 debit card uses per month. That many debit card uses was once too many for us, but I find we are shopping quite differently (small things daily) these days, so it should be doable.

I think these are times to keep an eye on the changing interest rates of banks.

[LivingAlmostLarge]

does ally offer the same benefits of using ATM and all fees waived? I have 6 figures in capitol one mm but maybe we should switch.

[kork13]

does ally offer the same benefits of using ATM and all fees waived? I have 6 figures in capitol one mm but maybe we should switch.

Ally uses the "Allpoint" ATM network, and any of those are free free. Additionally, they refund up to $10/mo in ATM fees from ATMs in other networks. So it's not unlimited, but they'll refund fees for 3-4 non-network ATM uses each month.

[StressLess]

Jluke, I find it interesting that Capitol One is closing down their investment arm. They have also shut down their mortgage arm; I am caught in that.


I first took it personally and wondered, after all this time, why our mortgage was being sold off. But I found out they stopped making new mortgages awhile back, and have now sold all of their existing mortgages. Apparently the mortgage business was costing them money instead of making it.



In January they reported a net loss per share for the last quarter of 2017. They are showing net income again for the first two quarters of 2018. I guess they couldn't be expected to pay great rates on savings accounts and CDs if they were losing money. Maybe now the rates will go up.

[disneysteve]

Ally just upped the rate again to 1.80%!

[cooliemae]

I've pretty much decided to move all of my family's money to Ally. We started with ING and stayed even when capital one bought it, but now the rate spread is getting larger and Capital One's new interface is horrible.

[kork13]

I've pretty much decided to move all of my family's money to Ally. We started with ING and stayed even when capital one bought it, but now the rate spread is getting larger and Capital One's new interface is horrible.

I was the same -- I was originally with ING Direct in college, but when they sold to Capital One, I switched over to Ally. Haven't looked back. As DS said, they just bumped the rate again today. Their rates are competitive, customer service is very accessible & responsive (I love using their embedded CSR chat feature), and the interface is simple to use. In fact, I just logged on, and it looks like they recently fixed all of the minor complaints that I had with the new interface they rolled out a couple months ago.