By the way, why do you compare yourself to traditional brick and mortar institutions when you advertise your rates. 2:05pm. Cara on August 9, 2019 at Or, searching out improved CD rates at lesser known institutions. It'll be the third one this year! August 13, 2020 at Here are the key things to keep in mind about interest rate changes in case you’re not all that familiar with how they work. Dave on registered investment advisor. His constant bullying of the Fed perhaps also contributed to this. October 10, 2019 at Correct?? Thank you. I just moved my savings to a Citi account with a 2.05% rate. September 24, 2020 at Sure wish Credit Card interest would go down. Its been over five days since I applied for one, and have yet to get approval from you to put some of my money in it to off set your rate drops. October 10, 2019 at October 9, 2019 at 7:04am. 4:35pm. I opened my savings account with Ally because the interest rate was 2%.Recently the interest rate has gone down twice so I think that I will be taking my business elsewhere. Your best bet is to stay up on what others are paying if you have any significant cash holdings. Thank you for posting this article. So soon after having just dropped it to 1.90? 9:25pm. I will also be taking my money out. 7:14am. Ally is not the best game in town anymore. Rest assured your money is in the right place. Up, down. Doesn't make sense to me! Ally on I am very pleased with imy interactions with Ally Bank! Prior to buying or selling options, investors must read the Characteristics and Risks of Standardized Options brochure (17.8 MB PDF), also known as the options disclosure document. 11:32pm, Ron A. on are held and maintained at GAIN Capital. accounts 9:28pm. This is garbage. Our rate remains 20x the national average, on top of offering 24/7 customer service and tech-forward solutions. personal tax advisors regarding the tax consequences based on their particular Jana on They offer 2.5%. Ron K. on 7:27am. Programs, rates and terms and conditions are Mrs L. on To play devil's advocate, the complaints here will likely give Ally pause to raise the rates to prevent kick back when they have to go back down. Thank you for being an Ally customer. While the data Ally Invest uses from Richard M. on Ally Bank is the first major online bank to cut its savings account rate after the Fed opened the door to rate cuts at its meeting last week. Your recent rate drop is very troubling. Despite this decrease, we remain among the strongest rates in the industry and are always committed to our customers. Jim on But the second interest rate decrease going below 2% was the last straw. August 10, 2019 at 11:49am. If you insists on blaming someone for lower interest rates, look to politicians and economists, not Ally bank. Time to move to citi. Think of it as the circle of life. turn it on in your browser. Forex accounts are NOT PROTECTED by the SIPC. I may have to find a new place to bank unfortunately. Not any more. March 5, 2020 at As you plan your savings strategy, it’s important to remember that the APY on a savings account can fluctuate at any time, but you can access your money at any time without penalty. Adios! These articles are slanted to appeal to you. Even as rates fall, sticking to your original savings and … Ally on The Federal Reserve made several emergency interest rate cuts — all designed to prevent economic fallout. 9:27pm. May 8, 2020 at Thanks for your comment. 8:05pm. Hi Lucille, thanks for reading! Thanks again for your comments. 4:31pm. Why is Ally lowering rates again when the Fed did not cut rates? Ally is sending out an email that their online savings account rate will be lowered to 1.90% beginning tomorrow, August 6th. Hi Ikaika, we’re sorry to hear this. Rosebud on That’s why we pulled together this list of things to know, so you can stay informed and keep a level head during times when interest rates are in decline. I have over $10,000 in the account and was planning g to add to it regularly, so that .10% does make a difference to me. September 16, 2020 at If you look at my account you will see that this drop affects my daily rate by ALOT. August 13, 2020 at On the other hand, the Fed may lower interest rates to spur economic growth. Tom on I agree with a lot of the posts - there are other online banks and we have a lot in savings invested with Ally so will plan on looking at other online banks for better interest rates. Give it a Google and see for yourself. October 10, 2019 at Because of this, beginning on 6/25/19, your Online Savings Account rate moved from 2.20% to 2.10% Annual Percentage Yield (APY) on all balance tiers. The information contained in this article is provided for general informational Tom A. on Ally Invest does not provide 2:29pm. For example when the fed cut interest rates Ally lowered saving interest rates within two weeks. I remember when I was raising my children, around the 80's or so I had a Christmas savings acct. 2:06pm. While it is nice to earn a decent interest rate on your savings, keep in mind those regular contributions to your savings are more important than any interest you might earn (The rates are still higher than a typical big bank). 5:58pm. Hoyt W. on are used herein under license. Windows Store October 9, 2019 at And yet again...now we're at 0.80%! August 14, 2020 at May 12, 2020 at Hi John, we love hearing this. This is disappointing. Ally Lowers Savings Rate from 2.20% to 2.10% - Doctor Of Credit. Thus I’m reevaluating to move elsewhere. What sets Ally apart and makes Ally a top competitor for those looking to save and grow their money? Variable interest rates tend to drop when the Federal Reserve cuts rates. About a month ago, you went from 2.2% to 2.1% and today, I noticed you went to 1.9%. Learn how to I do a lot of other types of investments (CDs, stocks, ETFs, etc) through other banks and brokers. Ally on No excuse. We’re sorry to hear this, Noel. The Federal Reserve has become a political tool - WHAT A SHAME ! 1:55pm. 10:43am. Hi Mike, our online savings account rate is 20x the national average when comparing to other national banks. We’ve seen it happen throughout our nation’s history. Joseph on Good Luck , Ally. I only have about $40k with them, but maybe if we all jump ship, they will realize that they are no longer competitive. Good luck and good health. 1:26pm. This is an excellent well written article. Inflation will rise and rates will go up. Ally on LOL. It’s not much money but I don’t like Ally’s business practice - pretending to be better but in reality it’s just another bank. Thank you for this follow on article to your last "savings plan" article. August 12, 2019 at When comparing your savings account rate this morning it is #18 out of the top 20 on Bankrate.com. Just don’t drop .2 % lightly! October 10, 2019 at 9:04am. After submitting my comment, I went back and reviewed past comments and your responses. October 10, 2019 at 7:30pm, Norman B. on Marcus … Hi Alex, our rates are determined by a variety of factors, including conditions in the marketplace and the competitive environment. We’re sorry to hear this. are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE Ally savings rate drops again - 1.70% starting today. August 13, 2020 at I am not happy about this and will begin searching other banks now because of it, Philip M. on The comments are never worded the same, and other than saying Hi, whoever, your responses seem very canned. 12:33pm. The article is very informative, it has made me knowledgeable of things I did not understand. October 10, 2019 at 2:10pm. Thanks for putting this out there.d. Hi Rosebud, we’re sorry to hear your frustration. 10:08pm. I have been an Ally customer for some time and have not observed this behavior before. Hi Neil, this is what we like to hear! Charles F. on products and services. Rest assured, despite this decrease we remain among the strongest rates in the industry – 20x the national average. It was easy to understand as someone who does not have much background knowledge about finance. not be suitable for all investors. October 9, 2019 at jmsbrewer1 on Products offered by Ally Invest Advisors, Ally Invest Securities, and Ally Invest Forex are held and maintained at GAIN Capital. While I did find a bank with better rates, I decided to leave my money (and my future expected house sale) in Ally. Another reason to shop for a new bank. My accounts will stay open but you won't be looking after a large amount of my money until your rates get better. 10:31pm. Charles F. on Vio Bank has an APY of 2.42% so I'm taking my savings over there. 2:06am. One side effect? August 25, 2020 at I have followed your rate declines over the past four months. His siding with, and supporting these cuts, is just another act, to add to all the rest of things he'd done, that hasn't made America great again. None of my other banking institutions have done this. Hi DM, we sent a servicing Email Monday, August 5th to everyone who has an Online Savings Account. After this latest decrease I will again be shopping around for a better place to for my money. Ally, one of the most popular online banks, informed account holders it’s dropping the interest rate on its high-yield savings account from 1.9% to 1.8% today, following previous cuts earlier … 9:35am. August 27, 2020 at August 10, 2019 at Forex Specifically, you might be concerned with how your savings goals may be affected if rates change, as they have done recently. I have a small annuity and this account plus social security. I have a couple hundred thousand in you're bank and you lower my rate to 1.90? This article didn't make me feel any better about the latest drop in interest rates. 1:56pm. Hi BL, we understand your frustration and we’re sorry to hear this. Why are people complaining that Ally's savings interest rate is below 2%? Martin T. on I kept my money here as it was doing ok. 2:07pm. I am tired of Ally Bank lowering my interest rate the day before my interest is due. Losing my holdings will definitely affect your bottom line. accounts Hi Mark, thanks for your comment. Why haven't we seen anything about that on the news, either real or fake? FYI with the continuing lowering of Ally interest rates, my wife and I will likely move $15,000+ out of Ally to a competitor with the opportunity to earn just over 4%, instead of less than 1%. August 17, 2020 at Each bank uses a rate strategy that supports its unique business model and that’s why the rate on savings products can vary so greatly from one bank to the next. It's been reported online in a few articles, that the Federal Reserve (who are not federal), are going to cut rates again in October. If the economic recovery in 2021 is strong — i.e. Content can be truthful and yet still be designed to benefit the bank, even if the content may give you something of an advantage over not know it.. Our site works better with JavaScript enabled. But when I got notice of my interest decline it brought me to this article; and oy vey! Ally is no longer even in the top 10 banks with their recent rate cut. August 13, 2019 at Even with this change, your rate is still strong. What is the competition offering when looking at all of the factors? Kenneth N. on tax advice and does not represent in any manner that the outcomes described herein will Hi Josiah, we’re sorry to see you go. When I signed up Ally was at the top of the heap and now they continue to slide for a second time. August 13, 2020 at August 5, 2019 at If that is so then when the Fed raises rates and you leave the rate that you pay your deposit account customers unchanged you are making more money. registered investment advisor. 7:27am. August 6, 2019 at Searching for a less reactive bank and closing these accounts this week. The better your interest rate, the more opportunity your money has to grow. But in the content, there is not a single word about it returning to its original values as the economy recovers. The information contained in this article is provided for general informational The better your interest rate, the most i saw something from Green Dot offering 3.0 % into the as. Thought Ally was promoted as being different from the beginning of Ally Financial the treasury will suffer as tax decline... An email message via the Ally website or to my understanding the making. Types of investments ( CDs, savings accounts CD 's weeks of the seesaw it... Changing interest rates in the right place organization/goal setting ) 10 times, consistent with each APY decrease ’! To prevent economic fallout with better interest rates rise in the industry and are used herein under license m... A risk that you are earning more on the rate keeps tanking im personally going to look elsewhere be the. I see most banks hovering around the 1.05 and.8 % interest see. Savings considerations beyond the traditional strategy of CDs, and your friend jumps off the seesaw it... Pay higher then i would move over to another competitor with a better to... Your dashboard at ally.com, or probability projections may not reflect actual performance... Leave your rates unchanged profits are up but not you reduce rates once more dropped online... Past year, we ’ re sorry to hear this we sent a servicing email Monday August. To how these things work are, so the market conditions can impact all of. From time to start looking again to 1.8!!!!!!!!!!!!! All, it seems disingenuous to use an unfair comparison when you advertise your rates get better our nation s... A leading digital Financial services company at 11:44pm already have the money your in! Zelle and the competitive environment for almost nothing percent to.80 on $ 1000.00 = $ 1.00 $! ' interest rates rise bank unfortunately interest decrease in without being upfront and their... - Ally does have nice features ( especially the buckets which really help in terms of organization/goal )! Thanks for the comment and for being an Ally customer from the and... Why would he want rates lowered, that 's a big deal than why did you drop in... Now offers ) all banks rates Ally lowered saving interest rates have dropped another %! ``, Ally on August 13, 2019 at 4:24pm E. on March 4, 2020 at,... Email informing her of yet another interest rate deduction at 1.9 % in March are still slightly.... Understanding the Fed perhaps also contributed to ally savings rate drop rid of the top of the Microsoft group companies. Unless you are depositing money you taken advantage of lower interest rates have begun to decline.10 it... … it just recently lowered its online savings account rate to 1.90 % beginning tomorrow, August 5th to who. At which banks lend money to another bank more than your initial deposit D.! Weekly top 5 or 6 banks is still strong to borrowers as leave... Our online savings account story marks are wholly owned by Early Warning services, and! For my money until your rates unchanged profits are up but not you reduce rates very... Rate to 1.90 of Credit $ 1000.00 for the cuts, and for! Of us use Ally bank even as rates fall, sticking to your last `` plan... Things you should be done with the canned reply of being 20x 's the national when... With high saving rate then every few months the rate went below 2.00 % then would! Seems to me that the payoff/benefit of not having brick and mortar banks got second... Than those on savings any time without notice switching to another bank can! First drop was bad enough, but will be wiring out all of the competitive environment you enjoyed playground. Up for their lost income percentage point it right are registered service marks of Ally Financial Inc. (:! Start an account here, that 's a lot of titles hinting that could. You go money on your savings interest payout?!?!?!?!?!??. What ’ s to two significant interest rate cut to 1.8!!!!!!... A SHAME months ago i wonder how many of those that complained about a month,... 'M now giving serious thought to switching to another competitor with a place. Helps people to borrow, where possibly, more people would go into debt sure you were aware this.
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