Ally Bank Raises Rates
Hmmm. Just when you thought bank rates had nowhere to go but down, Ally Bank came along and increased their savings rate from 0.89% to 0.95% earlier this week.
This isn’t a huge change by any stretch of the imagination, but at least it wasn’t another in a long line of decreases. Does this signal a sea change in interest rates? Doubtful. Especially since the Federal Reserve has recently re-affirmed their commitment to keeping interest rates low.
Remember when you could make a fat 5%-6% with an online savings account? Yeah, me too. Good times…
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Modified on September 18th, 2012 - 3 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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September 14th, 2012 at 6:22 pm
While I miss the high rates of yesteryear at least they’re going in the right directions… even though I am a bit confused why they would raise rates right now.
September 16th, 2012 at 8:53 am
I think bank rates have nowhere to go but up. Rates have been awfully low, for an awfully long time. Ally strives to be near the top with their rates, plus no fees, no minimums, etc — I like Ally because I don’t have to worry that they will screw me with some fine print fees.
September 16th, 2012 at 2:20 pm
I used to have Ally but switched over to ING. Let’s hope it keeps increasing, this is great news.