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Ally bank

  • Avatar rb6p 
    Participant
    Status: Physician
    Posts: 26
    Joined: 01/25/2016

    I’ve had Ally checking, savings, and cd accounts for a few years.  No problems whatsoever.  Love the $10 atm fee reimbursements.  Only complaint is very minor –  they cap electronic deposits at $50k.  This matters only because a large part of my income comes in form of quarterly bonuses that often exceeds this.

     

    kdeva – Yes, savings account interest from any bank would be taxable.  If you do the math and treasuries end up being better at your marginal tax rate, then yes that may make sense.  Only thing would be that you lose a degree of liquidity with treasuries vs savings acct.

    #198926 Reply
    Avatar MrDerm 
    Participant
    Status: Physician
    Posts: 3
    Joined: 01/11/2019

    Ally bank is gutting it’s interest rate lately, today notified that it’s down to 1.9% and this follows another drop just a couple weeks ago.

    Does anyone recommend another institution? I have a basic distaste for just changing repeatedly, or chasing rates though.

    Thanks much,

    Dr. K

    #236685 Reply
    Avatar AZPT 
    Participant
    Status: Other Professional
    Posts: 125
    Joined: 02/02/2019

    Wealthfront is

    Ally bank is gutting it’s interest rate lately, today notified that it’s down to 1.9% and this follows another drop just a couple weeks ago.

    Does anyone recommend another institution? I have a basic distaste for just changing repeatedly, or chasing rates though.

    Thanks much,

    Dr. K

    Click to expand…

    Right now…

    CIT Bank: 2.3%

    Wealthfront: 2.32%

    Marcus by Goldman Sachs: 2.15%

    #236738 Reply
    Avatar Dfrancis404 
    Participant
    Status: Physician
    Posts: 1
    Joined: 04/26/2018

    Also considering switching moving money into a high yield savings.
    Bankrate lists some with interest rates at 2.5 and 2.55% (as of aug 6th)… but I have never heard of any of these banks.
    Nerdwallet lists some more recognizable banks and may forgo .1% to .2% based on their reviews. Wondering if these high yield savings accounts also serve as a better option than most bond funds at this point?
    Heard or read that treasury bonds were yielding less than 2% with everyone throwing money into them the last couple days as equities were dipping.
    Wish someone can explain why not just use these savings accounts as bonds while bonds sort of seem so unappealing these days.

    #236930 Reply
    Avatar Wash 
    Participant
    Status: Physician
    Posts: 27
    Joined: 05/29/2017

    I started using Ally a few months back solely based on all the feedback I’ve heard online. Since the rates keep dropping and people seem to be souring on Ally, am I missing any penalty to just closing the account and switching to some place like Citi? Realistically the $ difference is fairly minimal

    #237917 Reply
    Liked by AZPT
    Avatar AZPT 
    Participant
    Status: Other Professional
    Posts: 125
    Joined: 02/02/2019

    As a matter of fact, just this morning I opened a wealthfront savings account online (2.32%), Linked my Ally account to it, and transferred in all but $10 worth of my Ally savings. Should have it in the account within 1-2 days. The whole process took about eight minutes.

    I will still keep the Ally account open, as there is no minimum and no fee imposed. I fully expect a bunch of these accounts to undergo for the rate changes in the coming months, but at least for now I didn’t want to give up 0.4% for 10 minutes worth of work.

    #237919 Reply
    Avatar adventure 
    Participant
    Status: Spouse
    Posts: 1207
    Joined: 10/24/2016
    Splash Refinancing Bonus
    Right now…
    CIT Bank: 2.3%
    Wealthfront: 2.32%
    Marcus by Goldman Sachs: 2.15%

    Click to expand…

    BBVA and Barclay’s US are right in there too.

    #238035 Reply
    Liked by AZPT
    Avatar redpatokasea 
    Participant
    Status: Physician
    Posts: 11
    Joined: 03/04/2019

    I switched my ally savings over to a few 11 month no penalty CDs at 2.3% last week. Better than chasing rates imo since it locks in the 2.3% rate for the duration …expecting savings account rates at all banks to decline further over the next few months. Unfortunately, looks like the same no penalty CD is now 2.2%.

    #238057 Reply
    Avatar bullsdoc 
    Participant
    Status: Resident
    Posts: 54
    Joined: 07/06/2018

    Honestly it looks rough going so quickly, but they’re just getting ahead of the trend. The other banks will follow.

    And if they don’t, well yeah it’s not hard to switch over.

    #238070 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3486
    Joined: 01/21/2016
    Earnest refinancing bonus

    Wealthfront is

    Ally bank is gutting it’s interest rate lately, today notified that it’s down to 1.9% and this follows another drop just a couple weeks ago.

    Does anyone recommend another institution? I have a basic distaste for just changing repeatedly, or chasing rates though.

    Thanks much,

    Dr. K

    Click to expand…

    Right now…

    CIT Bank: 2.3%

    Wealthfront: 2.32%

    Marcus by Goldman Sachs: 2.15%

    Click to expand…

    Betterment 2.41%

    #238110 Reply

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