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Ally drops interest rate

Home Personal Finance and Budgeting Ally drops interest rate

  • Avatar AZPT 
    Participant
    Status: Other Professional
    Posts: 115
    Joined: 02/02/2019

    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%+ ?

    #236680 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1316
    Joined: 02/15/2016

    I imagine they’ll all drop a little bit with the interest rate drop.

    #236681 Reply
    xraygoggles xraygoggles 
    Participant
    Status: Physician
    Posts: 93
    Joined: 10/26/2018

    Muni bond funds ftw.

    “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

    #236683 Reply
    Avatar AZPT 
    Participant
    Status: Other Professional
    Posts: 115
    Joined: 02/02/2019

    Currently:

    CIT: 2.3%

    Wealthfront: 2.32%

    Marcus by Goldman Sachs: 2.15%

    #236684 Reply
    Avatar EntrepreneurMD 
    Participant
    Status: Physician
    Posts: 332
    Joined: 06/10/2019

    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.

    #236687 Reply
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1177
    Joined: 02/15/2016

    VMMXX 2.26%

    #236688 Reply
    Liked by Lordosis
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3477
    Joined: 01/21/2016

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

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #236702 Reply
    Liked by docnews, Lordosis
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1860
    Joined: 02/11/2019

    Imagine that!

    “Never let your sense of morals prevent you from doing what is right.”

    #236716 Reply

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