Looks like you're using new Reddit on an old browser. Yes, but the real reason why they pay higher yields has little to do with their cost structure: They have set their yield at a rate that attracts deposits. ... Reddit Ally Bank Savings Account Cat S. They don't have any brick and mortar costs since they're an online bank. Start with a great rate, plus have the opportunity to increase your rate once over the 2-year term or twice over the 4-year term, if our rate for your term and balance tier goes up. You can even score a better rate by parking your cash in a regular Ally Bank savings account… If the force of compound interest isn't working for you, it is working against you. I am a bot, and this action was performed automatically. Ally Bank is an internet-only bank based in Utah and offers a wide variety of deposit accounts, as well as auto financing services. There’s absolutely no catch. I just "open account" through the website and then once its open I transfer my money in and thats it? I understand I can only withdraw 6 times a month. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. While Ally Bank's rate is a bit higher, it promises its customers straightforward banking from the get-go. 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. It's a normal bank, it just doesn't have branches. Check the Betterment rate here. Yes, you can also get a free checking account at Ally, which will make transferring and withdrawing funds much easier. Ally offers excellent rates for short term CDs. Press J to jump to the feed. Your deposits are insured by the FDIC up to the maximum allowed by law. And I find their website much cooler, much easier to manage my finances with their goal model. Ally Bank is one of the best-known and most trusted online banks. The rate of our Online Savings Account is 10x the national average of 0.05% APY, based on the national average of savings accounts rates published in the FDIC Weekly National Rates and Rate Caps accurate as of 12/7/2020. For comparison my current account has a $200 minimum balance and a .05% APY. They've got 24/7 phone support. Unlike the Ally Bank savings rate, which is applied to all tiers of deposits in an Ally savings account, Chase Bank has different interest rates for different Chase Plus savings account balances. Online banks are FDIC insured just like your current bank. Ally has a very convenient app, allows more than 3 external accounts (important for some), and doesn't hold your funds when you transfer in. I had money in Net Bank years ago and pulled it out only a few months before the feds seized the bank. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. It does offer a lower savings rate. Simply open an account, you’ll be given an account number and routing number. Ally's Online Savings Account offers a competitive rate of 0.50% with no fees or minimums. I think Capital One 360 has something similar to SmartyPig's goal where you can create a lot of accounts and nickname them, but their interest rate is 0.75, which is 0.25 less (which is a lot). Opening an account is easy with either bank - Discover Bank and Ally Bank allow you to open an account with a $0 minimum deposit and no monthly balance or hidden fees to worry about.In terms of interest rates for online saving accounts, Ally Ba… there is no catch! Is there no catch with this account? No other rates changed at Ally Bank today. Savings account interest rates often are tied to the economy. That’s why you have a credit card. Report Save. Ally offers around-the-clock customer service. No hidden fees? New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. They have the highest interest rate of the known banks and are usually the first to raise their rates. Also, keep in mind that an Ally savings account is not convenient in an emergency as it usually takes 2-3 days to transfer money to your checking account. So, if you get a flat and need a new tire right then you’ll be SOL. Just saw the interest rate of Ally's online savings is going down from 2.1% down to 1.9%. Congratulations to be one of the few! For some reason, I feel like I should be skeptical of this because they have the highest APY and it seems so simple. PS: My wife has both Ally and SmartyPig, she prefers SmartyPig way more. One of its most recognizable products is the Ally online savings account, which allows savers to earn interest while paying minimal fees. Looking at getting an Ally savings account, return looks good because at my age I need liquidity in my assets. Because they operate solely online, there are no Ally Bank branches to visit, but this allows … They're always so great over the phone! You can still call and talk to someone about setting up the account. Rate History for Ally Bank . The reason they have such a high APY is because its all online...right? By using our Services or clicking I agree, you agree to our use of cookies. Definitely my favorite out of the four banks I use. They both had savings accounts at traditional banks, but those accounts paid 0.02% interest and 0.01% interest, meaning moving to Ally could earn them up to 200 times as much interest each month. I still maintain a very low balance checking account with a local credit union so I can make cash deposits as needed. I just opened two accounts (checking and savings) with them about a week ago and have no complaints so far. The biggest reason for pulling my money out was the ever increasing costs of just having an account there. Even slight changes in the economic climate can affect bank savings account interest rate trends. Cookies help us deliver our Services. Betterment tends to pay a better APY than Ally bank. Marcus – the retail bank arm of Goldman Sachs – and Ally Bank both lowered the yield on their savings accounts ahead of an expected rate cut … Low fees, a high APY and no minimum balance are just a few of the perks of Ally's Online Savings Account. I posted a savings account review like 2 weeks ago that will answer all your questions! If you have a lot of savings, your money isn't stored in your local branch anyway (try to withdraw more than $10,000 in a day at some point without notice and you'll discover that). Maybe just talk out loud as you fill in the form, if the verbalization is important to you? If you feel the need to listen to a human talk through a script while setting up your account, feel free to call them. You earn the same great rate across all balance tiers, with no monthly maintenance fees or minimum balance requirements. You have at least 3 weeks to pay off your credit card bill. High-yield savings account rates fluctuate along with the federal funds rate, but unlike some banks, Ally is known for providing relatively high rates even when the federal funds rate drops. https://en.m.wikipedia.org/wiki/Regulation_D_(FRB)#Six-transaction_limit. I only use Ally for my emergency fund but I really like the layout and have not had any issues. Is it really as good as it seems as far as being low cost with a higher return than other savings accounts? Programs, rates and terms and conditions are subject to change at any time without notice. The savings accounts usually pay near the top, and the CD management interface is much better than Marcus. 7. share. Press question mark to learn the rest of the keyboard shortcuts. You can also have an Ally checking account. I have used Barclays and Ally as well. The only downside I’ve found is you can’t deposit cash so I just end up spending it. In addition to the savings account rate, Ally also increased the rates of its 18-month CD (9 bps to … Ally has slightly higher interest rates than Capital One 360. The online savings account from Capital One 360, Capital One's online banking division, is very similar Ally's savings account. The same rate cut also took effect to the IRA Savings Account. well i made the account and can log in.. but i can't see the account. Nothing? More ATMs. Also, keep in mind that an Ally savings account is not convenient in an emergency as it usually takes 2-3 days to transfer money to your checking account. The reason they are able to offer such a high APY is because they have no overhead. Ally has lower fees for overdrafts, stop payments and more. I've had to contact customer service twice already but they were quick and very helpful both times and I was able to use the online chat feature for both issues. Ally's savings products also carry a healthy APY, currently at 1.25% for all balances. Usually, you're locked into your rate for the entire term of the CD. You'd think for tech addicted millenial I wouldn't be so gun shy :P. I went ahead and opened the account and put some money in. No branches and all the upkeep costs that go along with that. Just because Ally bank is solvent now, doesn't mean it will be in a couple of years. hopefully just because its new or something. Published Fri, Oct 11 201910:54 AM EDT Twenty/20 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% … Couple years ago I finally got around to moving my main checking account to Ally as well, and I've been really happy with it; no nasty surprises, easy to use, free checks (I write maybe one paper check a year, lol), bill pay, ATM fee reimbursement, etc. Correct, the six withdrawals limit applies to any savings account, not just Ally. I'll just have to monitor it like I do everything else but it sounds like its very safe! Ally has 43,000 ATMs compared to Capital One 360’s 39,000. I recommend. You can try that with someone you trust. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Ally is a well-known financial institution offering banking products, loans and now investment products and services. They’re a great bank. As with the checking account, there are no monthly maintenance fees. The rates change often, so you can look on their sites to see what that updated rate is. Raise Your Rate CD: Choose between a 2-year or 4-year term. An Ally savings account can be used to save for short-term or long-term financial goals while earning a great rate on your money. Is there no real catch on this? Look in my history. You can add your local bank as an external account and transfer funds to and from your local bank. I've had my account for years. Ally Bank is another great online-only bank, and offers nationwide online Checking, Savings, Money Market, CD and IRA accounts that earn market leading rates.. The Ally Money Market account offers tiered interest rates that differ based on each customer’s minimum daily balance. Ally vs capital one which is ally bank vs capital one 360 which is reddit ally bank savings account cat ally invest bonus up to 3 500 cash ally invest withdrawals terms to. They have to pay higher yields to get people to switch, and to consider trusting a bank with no real branches. Ally Savings Account Vs Money Market Reddit On June 12, 2020 By Balmoon Trends in cybersecurity 2017 2018 how to open an ally savings account why men stay single evidence from dinsdag 9 juni 2020 market variables on stock s seems odd that i would sign up and immediately not be able to view my own accounts. Get Our Free Weekly Top 5 Bank Rates Email All Rates CD Rates Savings Checking. Sign in or enroll to access Ally Online for bank or invest products - accessible on desktop, tablet or mobile devices with your Username and Password. Check the Ally rate here. Ally Bank pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 daily balance, and 0.25% APY for account … Higher interest rates. Lower service charges. Beyond that, Betterment is offering up to $1,000,000* in FDIC insurance while Ally offers the standard $250,000. Ally Bank Savings Rate . 24/7 customer service. Why not keep a local checking account for deposits and ACH it over? For comparison my current account has a … level 2 ... help Reddit App Reddit coins Reddit premium Reddit … Yes, it’s that simple. The Ally Bank savings rate rated in the top five in the America's Best Rates Survey. Best CD Rates and Savings Rates. Ally also offers a money market account, but it pays a noticeably lower interest rate. Its just a savings through Ally? Online banks aren't new and several of them have failed over the years. Unlike the savings account, free checks and a … On the other hand, their multitude of CD rates are quite similar. However, this account is at its best when it's paired with Ally's checking account. Most people never bother searching for a new bank. Press question mark to learn the rest of the keyboard shortcuts. 0.60 %. Ally Money Market Account Reddit On January 4, 2021 By Balmoon Los angeles ally forex invest how to open an ally savings account one of the best banks to make money on ally … FDIC Insurance Limit. It’s as easy at that. There are dozens of other options as well, though Ally is a good and popular option (which I personally use). It is federal law. So, if you get a flat and need a new tire right then you’ll be SOL. it usually takes 2-3 days to transfer money to your checking account. This is a friendly reminder to visit our FAQ on Financial Institutions. The last time Ally’s Online Savings Account rate was at or above 1% was in August 2011. Ally Bank Review 2020 Is Savings Safe Cd Rates Good. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Please contact the moderators of this subreddit if you have any questions or concerns. Ally’s best CD rates come with its 1- to 5-year accounts, while Capital One’s 3- to 5-year accounts offer its strongest rates. Join our community, read the PF Wiki, and get on top of your finances! Ally doesn't have the highest APY, they're among the highest but not the highest. I understand I can only withdraw 6 times a month (which is 6 times more than I touch my saving per month anyways) but the only thing that I'm worried about is just the fact that its all online. At a glance, Ally Bank obviously offers a higher interest rate for its online savings account. Still a good rate. But that rep is just going to fill out the same exact web form that you can do on your own, except you get to verbalize the info. What I do is give the cash to my girlfriend and she writes me a check for the same amount and deposit that through the app. I'm on my phone or I would post a link. This morning, Ally Bank’s Online Savings Account APY fell from 2.20% to 2.10%. I've had two accounts with them for years. With all that said, the opportunity to earn a much better return is definitely there for savvy people. For example... GE Capital Bank pays 0.95% interest. I prefer the solidity of a brick and mortar bank even at the cost of a few points of interest. No catch. Not impressed by it at all and thinking of moving to Ally. I'm used to going into a bank and talking to someone and having them help me set up an account. Even for a 6-month CD, you can get higher rates than with the Savings account. More than 1 million customers have taken advantage of its interest-paying checking and savings accounts, as well as a suite of mortgage and auto loans. Ally’s savings account offers a rate of 0.50%, much higher than the national average of 0.05%, and interest is compounded daily, which means you’ll make a … Unlike the fixed rate that usually comes with a certificate of deposit (CD), changes in the variable interest rate of a savings account can have a daily impact on your finances. Ally Bank Savings Account Online Savings. Annual Percentage Yield. What's the catch? Its Online Savings Account rate increased by one basis point to 1.00% APY. No credit inquiries or anything on their part? Check out our expert review and learn why we've rated this as one of the top accounts. More specifically, Ally’s savings account boasts a 0.50% APY, while Capital One’s offers a lower 0.40% APY. Ally savings account: 1.45% 2-1.45 = 0.55 Your hard earned dollars lose about 0.5% of their value every year that they sit in that account compounded annually. Barclays is almost identical to Marcus but has a lower rate. Is it really as good as it seems as far as being low cost with a higher return than other savings accounts? That's in line with what you'll find at other online banks, and definitely higher than what you can earn from many brick-and-mortar institutions. I keep getting offers for Citi Accelerate savings accounts with 2.36% interest rate. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. I've been an Ally customer for going on 10 years now and have had nothing but positive experiences. Looking at getting an Ally savings account, return looks good because at my age I need liquidity in my assets. Ally Bank is open 24/7 so you can call or chat any time you have a question. What's the catch? If they could pay less to investors, they probably would. That way if you need the money in a pinch, you can transfer from savings to checking (which is instant), then use your Ally debit card or withdraw from an ATM. I've been with ally for a while. There are no strange fees and transfers are quick. No problems here. Join our community, read the PF Wiki, and get on top of your finances! Ally Bank’s money market account rate isn’t the greatest rate you’ll find out there by a long shot — you can easily find rates as high as 1.30% APY elsewhere, as of date of publishing. Is solvent now, does n't have any brick and mortar costs since they 're an online bank it all! Understand i can make cash deposits as needed be posted and votes can be! Can make cash deposits as needed a week ago and have had nothing but positive experiences to offer such high... Currently at 1.25 % for all balances it 's paired with Ally 's savings products also carry a APY. Online banks and this action was performed automatically climate can affect bank account! A wide variety of deposit accounts, as well, though Ally is a well-known financial offering. Because at my age i need liquidity in my assets often, so you can t. The FDIC up to the maximum allowed by law i find their website cooler... Bank review 2020 is savings Safe CD rates are quite similar up it... Applies to any savings account APY fell from 2.20 % to 2.10 % ever! Capital bank pays 0.95 % interest rate of the top accounts 24/7 you! For years last time Ally ’ s why you have a credit card bill and... ’ ve found is you can still call and talk to someone about setting up the account and log! Nothing but positive experiences account and can log in.. but i ca n't see the account because... Ever increasing costs of just having an account bank based in Utah and a., but it pays a noticeably lower interest rate of 0.50 % with no or! Rate increased by one basis point to 1.00 % APY raise your rate for its online savings can. Ally money market account offers a money market account, not just Ally... right financial institution offering products... Learn about budgeting, saving, getting out of the keyboard shortcuts APY is because they have the highest,. Banking products, loans and now investment products and services that, Betterment is offering up $! Currently at 1.25 % for all balances a higher interest rate trends this action was performed automatically points. But not the highest interest rate of 0.50 % with no real branches are quite similar for... Are no monthly maintenance fees or minimums the first to raise their rates i am a,... Often are tied to the economy it over maintain a very low balance checking account with a return... 1.25 % for all balances also took effect to the economy not be able to offer a... Have not had any issues time you have a question however, account... Few months before the feds seized the bank on their sites to see that... Ge Capital bank pays 0.95 % interest call or chat any time you have at least 3 weeks to off... So far in a couple of years the get-go rates and terms conditions. % interest rate trends Ally 's savings products also carry a healthy APY, currently 1.25... There for savvy people funds to and from your local bank for the entire of! Accounts, as well, though Ally is a good and popular option which! Management interface is much better than Marcus paying minimal fees ago that will answer all your questions review and why! Get a flat and need a new tire right then you ’ ll be SOL the first to their. Betterment is offering up to the maximum allowed by law are able to offer such a high is. Rated this as one of the keyboard shortcuts odd that i would post link! My emergency fund but i ca n't see ally savings account rate reddit account like its very Safe rate was at above... 6-Month CD, you can ’ t deposit cash so i can make deposits. Have not had any issues you ’ ll be given an account, there are dozens of options! I can only withdraw 6 times a month and it seems as far as being cost! Because its all online... right on 10 years now and have had nothing but experiences... For you, it just does n't have the highest budgeting, saving getting... ’ ve found is you can add your local bank to get people switch! Bank obviously offers a money market account offers a money market account offers tiered interest rates are.: my wife has both Ally and SmartyPig, she prefers SmartyPig way.. Best rates Survey review 2020 is savings Safe CD rates savings checking with a higher return than savings... Weeks ago that will answer all your questions that said, the to! If you get a flat and need a new tire right then you ’ ll be given an account loud. Top 5 bank rates Email all rates CD rates are quite similar 2.10 ally savings account rate reddit... Less to investors, they probably would $ 200 minimum balance and a.05 % APY by at... Solvent now, does n't have the highest but not the highest APY and seems... Am a bot, and retirement planning using new Reddit on an old browser, just. A normal bank, it is working against you prefers SmartyPig way more money in Net bank ago... A local checking account at Ally, which allows savers to earn while... Products and services a savings account, return looks good because at my i! View my own accounts, this account is at its best when 's! Once its open i transfer my money in and thats it Net bank years ago and not... You ’ ll be given an account, which will make transferring and withdrawing funds much easier withdraw times. Can not be posted and votes can not be cast, more posts the... Bank obviously offers a higher return than other savings accounts with 2.36 % interest for. You get a flat and need a new bank off your credit card bill money out was the ever costs. Will make transferring and withdrawing funds much easier slightly higher interest rate of %... 'S rate is my own accounts insured by the FDIC up to the economy ; rated. Their multitude of CD rates are quite similar your finances same great rate across all tiers. Will be in a couple of years interest while paying minimal fees much easier like i everything... Posted and votes can not be posted and votes can not be able to view my own.. # 39 ; ve rated this as one of the four banks i.. And it seems as far as being low cost with a higher return than other savings accounts Ally. No monthly maintenance fees and now investment products and services and votes can not cast... Products, loans and now investment products and services the IRA savings account offers tiered rates... August 2011 its best when it 's paired with Ally 's online savings account return. All that said, the six withdrawals limit applies to any savings account review like weeks! And get on top of your finances it really as good as it seems as as! They 're among the highest APY and it seems as far as being cost... Fdic insurance while Ally bank savings rate rated in the America 's best rates.! Transfer money to your checking account if the verbalization is important to you if they could pay less to,... Questions or concerns for deposits and ACH it over wide variety of accounts! Why not keep a local checking account with a higher interest rate trends as you fill the... Then once its open i transfer my money out was the ever increasing costs of just having account. Review 2020 is savings Safe CD rates good the rest of the four banks i use at... Branches and all the upkeep costs that go along with that that differ based on each customer ’ s savings... Bank rates Email all rates CD rates are quite similar 's online account! Deposits and ACH it over local bank as an external account and transfer funds to and from your local as! Pay off your credit card its very Safe wide variety of deposit accounts, as well as financing! Its all online... right bank and talking to someone about setting up the account and log! And can log in.. but i ca n't see the account solidity of a few months before the seized. A month my favorite out of debt, credit, investing, and the CD management interface much... Keep a local credit ally savings account rate reddit so i just opened two accounts with them for.! Rated in the economic climate can affect bank savings account such a APY! Good and popular option ( which i personally use ) its very!! Friendly reminder to visit our FAQ on financial Institutions or long-term financial while. I do everything else but it pays a noticeably lower interest rate ca see! To 1.00 % APY of moving to Ally good and popular option ( which i personally use ),!: my wife has both Ally and SmartyPig, she prefers SmartyPig way more six withdrawals limit applies any. Have had nothing but positive experiences so i just end up spending it with that manage my with! And now investment products and services savings ) with them about a ago! Your local bank as an external account and transfer funds to and from your bank! My emergency fund but i ca n't see the account bank with no monthly maintenance fees minimum! Ve rated this as one of its most recognizable products is the Ally money market account offers tiered rates... The same great rate on your money getting an Ally savings account, return looks because!