Ally saving account is a good rate. However, Sally Mae Bank just beat Ally’s no penalty cd. 2.7% vs 2,0%
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Love me some Ally Bank…and now with the Savings Buckets it creates a virtual envelope system for allocating across different targets.
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Kathy Jones, Charles Schwab - The Federal Reserve delivered another jumbo-sized rate hike at its meeting this week, lifting the upper bound of the fed funds target range by 75 basis points to 3.25%. Citing the need to bring down inflation and keep it down, the Fed’s projection indicates that it’s likely to continue raising the rate to a peak level of 4.6% in 2023, implying roughly 150 basis points in additional hikes.
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I have opened an Ally Money Market Savings paying 3.8% and have shifed all assets to it from Online Savings paying 3.6%. Both are FDIC insured. The difference in features is very minor. Actually I have no idea why the two different products exist side by side, it seems overcomplicated to me.