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Ally drops interest rate

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  • Ally drops interest rate

    Didn't see this already posted.

    Just got an email that Ally is dropping to a 1.9% APY on its Savings Account effective 08/06/19.

    Will the others hold strong at 2%+ ?

  • #2
    I imagine they'll all drop a little bit with the interest rate drop.

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    • #3
      Muni bond funds ftw.

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      • #4
        Currently:

        CIT: 2.3%

        Wealthfront: 2.32%

        Marcus by Goldman Sachs: 2.15%

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        • #5
          I shifted almost all savings to laddered CD's with up to 3% returns 12-18 months. These are of course, the funds I don't want in the stock or bond market.

          I suspect other online banks will follow suite with Ally. My CIT savings account has so far held steady at 2.3% but I don't expect that to hold up. Strong suspicion Fed will have to cut rates again, sooner rather than later so CD's will at lease hold for the term of the CD.

          Lower rates aren't all bad. If you have loan debt, you may be able to refinance to lower rates depending on your circumstances to offset lower savings rates.

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          • #6
            VMMXX 2.26%

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            • #7
              Yeah, when the Fed reduces short term interest rates, short term interest rates go down!

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              • #8
                Imagine that!

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