Ally Savings dropping from 2.20% to 2.10%

Amazon / R&D
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Amazon R&D

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Jun 26 20 Comments

“If you've been paying attention to the economic news lately, you've seen that after a period of increases, interest rates are on the downswing and projected to fall further. These market conditions impact all kinds of things, from mortgages to CDs to savings accounts. 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. We wanted to make sure you were aware of this change, because to us, being straightforward is the right thing to do.”

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TOP 20 Comments
  • Facebook public2
    Why are so many people keeping when it takes tens of seconds to move your money to higher interest rates? Unless your emergency fund is super small the roi for a few clicks is huge.
    Jun 26 11
    • You need $500k in cash to cover six months expenses?
      Jun 26
    • Cruise Automation prowmflw
      “huge”. 0.2% of 100k is $200. if you have $100k liquid, you have too much liquid.

      It’s a rounding error.
      Jun 26
    • Facebook public2
      I do give or take yes. I have employees, folks on retainer, and a lot of rentals with mortgages. The difference between 2.57 and 2.1 is .47 and yes it is a rounding error but even its only 400 bucks you are saying it's not worth 30 seconds of your time to open an app, click transfer, and confirm? If not congrats your time is way more valuable than mine!
      Jun 26
    • Cruise Automation prowmflw
      I don’t think that’s true and you’re just covering up a silly statement, but whatever.

      The point isn’t that it’s hard to do one time, the point is that interest rates change regularly and if you believe this logic then you’re moving your money every few weeks which isn’t just a few minutes. This isn’t considered in isolation.

      Literally since this post was made Wealthfront announced an increase in interest, so you would’ve moved your money twice *today*? Or more likely moved it out of Ally this morning, saw the wealthfront update, added a calendar reminder for Monday when the transfer to ally completes to move it to WF?

      Pass.
      Jun 26
    • Facebook public2
      Ok for you to think I'm silly or lying, not offended just sharing my experience. These rate changes dont occur that often but yes I did log into marcus today and send money to wealthfront. Took me less than 30 seconds. Which prompted my original question as to why folks wouldn't make the move.
      Jun 26
  • PayPal / Eng krkn839
    Meanwhile Wealthfront just raised their rate to 2.57%
    Jun 26 1
    • Amazon / R&D
      ps.ily

      Amazon R&D

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      Google
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      OP
      Great PR move!
      Jun 26
  • MGM Resorts BionicMan
    The fed hasn’t dropped rates yet, right?
    Jun 26 1
    • Facebook public2
      Correct but the market is betting heavily that they will in july.
      Jun 26
  • Microsoft ohgetfj
    Well, there's goes my retirement.
    Jun 26 0
  • Salesforce worker3859
    Treasury money market funds are best right now, higher than directly holding tbills. Also both are exempt from state income tax, unlike bank interest. Look at GABXX.
    Jun 26 1
  • 0.1% change is inline with what the whole market is doing and not worth making a change for.

    Ally Invest sucks a big fat one but their savings account has been solid.
    Jun 26 0