“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”
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.
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.
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.
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.
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. Right - I don’t get out much.
You’ll hear about it right here
I checked Fidelity yesterday, as they offer bank CDs at no fee. I have bought CDs in my Fidelity account in the past.
Current top rates for 3-month CDs are 1.9-2.0%, 6 month 2.15-2.25%, 9 month 2.5-2.6%, 12 month 2.6-2.8% (only 4 issues offered for 12 mo). These are all from FDIC insured banks.
I haven’t checked Schwab, but they often have CDs from the same issuers at similar rates.
@jimtoo those 12 month rates are similar to the US Treasury Note 1year which is now 2.8%
The rate party will end late 2022 early 2023 with rates around 3.5% probably so think about locking in with a CD then… But it’s a moving target. Based on the Fed governors’ dot plot
Ally raised to 1.15% (today however I bought six month T-Bills yielding 2.6%). But I have my emergency money at Ally
Did you place your order for T-bills a few days ago? I am looking on the Treasury Direct site right now. Auction for 26 week t bills is 07/11/2022.
Placed order for 7-11 auction
Does one go on fingers crossed that auction interest rate will be almost the same as the market rate for that week in proximity? I see you can place an order for a bill or note on TD but are given the rate that maybe is what the last auction yielded and then again, maybe a higher rate. I am quiblling over 2.5% vs. 2.4% so much as I like more certainty of how to forecast the short term rate. As it stands, you can lock in rates, some callable crazily enough, in CDs on a place like Vanguard. You have 100% certainty of the rate when you buy the CD.
As the small-fry participant in the auction, you take whatever the big market participants decide. There is some risk, yes.
Your Online Savings Account rate is increasing from 1.15% to 1.25% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 07/15/2022, and will appear in your account on 07/16/2022.
One, two, and three month T-Bills pay 1.99% 2.32% 2.40%
Ally can mint coin by investing your deposits risk free and paying you half what they earned.
You cannot get more than 0.04% at Bank of America. If anyone is still with BA, Wells, Chase … Why?
Your Online Savings and Money Market Account rates are increasing from 1.25% to 1.40% Annual Percentage Yield (APY) on all balance tiers. Your new APYs go into effect on 07/29/2022, and will appear in your account on 07/30/2022
Your Online Savings Account rate is increasing from 1.75% to 1.85% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 08/26/2022, and will appear in your account on 08/27/2022