Ally Bank Raises Savings Account Interest Rate
Tip It!Late last week, Ally Bank did something that’s been almost unheard of over the past year or so… They raised the interest rate on their online savings account. No, it wasn’t a large increase, but at least it wasn’t a decrease. It remains to be seen if anyone else will follow suit, but I doubt it. After all, the underlying Federal Reserve rates haven’t changed a bit.
Click through for current online bank interest rates.
Published on August 30th, 2009 - 5 Comments
Filed under: Banking
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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August 30th, 2009 at 1:45 pm
This probably isn’t a good thing. GMAC, or I mean Ally, needs to raise capital or face a Friday evening visit from the FDIC. So they are offering higher rates to attract that capital. So before you jump for joy that you are getting a higher yield, you should realize this may be a bad sign.
August 30th, 2009 at 2:16 pm
Yeah, I saw they raised rates too. Unless you have more than 250K in there, I would view it as a good thing. Enjoy the extra interest income.
However, I also agree with Kirks point, and if you have more than 250K, you may want to spread it around and find another shelter.
August 30th, 2009 at 7:45 pm
Not a huge increase but at least they are increasing the rates instead of decreasing. Too me though, it would take at least 5% to make it worthwhile to switch from my current high rate checking account paying 4%.
- SingleGuyMoney
August 31st, 2009 at 2:25 pm
Single Guy Money: A checking account paying 4%? I have heard of no such thing going on… mind sharing the details?
The highest checking account on BankRate lists 0.75% at Charles Schwab. The highest savings rate is about 2%.
October 17th, 2009 at 2:23 am
LOL, see www checking finder com. There are rules, but 4% checking interest is available.