Ally Bank raising rates

“Your Online Savings Account rate is increasing from 0.60% to 0.75% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 05/27/2022, and will appear in your account on 05/28/2022”

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Banks are quick to raise interest rates on loans but slow to raise interest rates on savings.

Thanks for the Ally update. That is a competitive rate and I have always been pleased thier customer service. They also increased their no penalty CDs from 0.55% to 0.85% However, when I called customer service to change my no penalty CD, he told me they had a special for a 20 month CD for 2% .It did not show on line. Customer Service agent told me to always call customer service as the web site is not always up to date or shows specials. However,the 20 month CD did have a 60 day early termination penalty. That was a no brainer to me as I was upgrading from 0.55% no penalty to 2% with a 60 day penalty.

I would encourage everyone to check out the I Bonds for a much higher yield, if you do not need the money right away. It does have a $10,000 limit. Please see Clarks info on I Bonds.

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WOW Ally is being aggressive! Good for savers! Message received today 6/9/22. However, 3-month US Treasury Bills are yielding 1.30% as of today. You buy them from Schwab, Fidelity, other discount brokers.

Update:

Your Online Savings Account rate is increasing from 0.75% to 0.90% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 06/10/2022, and will appear in your account on 06/11/2022.

Just got an email today, Ally is raising the savings rate to 1% later this month. :grinning:

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My Vanguard account has been bumping up the money market rate too. It is at 1.36% as of today. The VMFXX money market fund.

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When recession hits they will cut rates again. Be ready to lock in with a CD or bond. Later 2022 or into 2023

Can you let me know? - most days the world could explode and I won’t know it for awhile. Took me (3) months to realize that gas prices were up. :astonished: Right - I don’t get out much.

You’ll hear about it right here