Question

I was about to sign up with ally and realized that they dropped the interest rate on their savings accounts . Now I am debating if I should consider another high interest savings accounts. thoughts?  

Answer 1

The national average dropped as a whole, not just Ally. The companies base their rates on that.  

Answer 2

Credit karma savings did this too, it was covid related. After my first deposit. maybe it’ll go back up when this is “over” ?  

Answer 3

Most likely they will all drop. I love Ally for its saving buckets, similar to digital cash envelopes.  

Answer 4

Absolutely every savings account is dropping their interest rates. In the whole scheme of things, unless you have hundreds of thousands of dollars in savings accounts, it honestly will not make that big of a difference. You will find this happening with every account.  

Answer 5

When I opened my citi savings it was the highest at 2. 35%, it’s been dropping since. Currently at 1. 5% but I’m sure it’ll go down more. But it’s still a heck of a lot better than my bank savings would be ‍♀️

Comments

@qumran5742 exactly how I feel! Would I like my Discover to be back to 2%? Of course but the 1. 4% I’m getting right now is still way better than the . 01% I’d get at USAA

Answer 6

They are all dropping ratea

Answer 7

Capital one is 1. 50 APY

Comments

@nesmith ally’s was 1. 5 until today. I just got the email. lol

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@thrice36130 that sucks!  

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@nesmith yes! It was over 2% when I joined. But hopefully it will go back up as the economy improves down the line.  

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@thrice36130 it should.  

Answer 8

They are all going to drop.  

Comments

If you put 12k in the account over the course of a year, you’d lose out on like $15. Not really that much.  

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If I did my math correctly  

Answer 9

I discover has I think 1. 5% interest on their savings account s

Comments

I just looked, it’s now 1. 4%

Answer 10

It’s the norm for everything during these times. I’ve been with Ally for years and the convince outweighs the drop. It’ll bounce back at some point.  

Answer 11

I use Tmobile's bank for savings. 4% up to $3000 and 1% past that

Comments

@darell wait T-Mobile has a bank?  

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@pushcart Yes they do! They started it about a year or two ago

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@darell is it for everyone? Or do you have to have their service.  

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@pushcart I believe it's open to everyone. It's called TMobile Money

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@darell thanks I’m gonna go look it up. ☺️

Answer 12

Barclay is good.  

Answer 13

Everything is dropping right now.  

Answer 14

I love discover

Answer 15

What in the world is ally? Online savings?!? Is it easy to use? Newbie here.  

Comments

Yes it’s a free online bank. It’s easy to use and has a higher yield than traditional banks. You can split your savings account into multiple categories, like the budget envelopes and it helps me visualize my goals and sinking funds.  

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@armada How fo you transfer money? Is it hooked to your checking account somehow? Is it an app? I'm learning so much here. Thank you.  

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I opened an account on their website in like 5 minutes and then I linked my normal checking account and transferred the funds. They offer free checking accounts too but I have my direct deposit set up at another account so didn’t want to mess with it. I manually transfer every payday.  

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They have an app and a website

Answer 16

With the low interest from the fed and everything else going on with the economy, the chances are that most places will start lowering their interest rates.  

Answer 17

Everyone will be dropping most likely. Just pick a bank you like and hold on for awhile

Answer 18

All high-yield savings rates will be dropping if they haven’t already. The Fed made huge cuts to interest rates over the past few months. Just pick one and know that the rate will eventually go back up.  

Answer 19

They're all dropping, but Ally is still one of the highest out there!  

Answer 20

They will all be dropping so choosing another one won’t really matter much. I have stayed with Ally because they are usually the highest

Answer 21

I bank with Discover. The interest rate is currently 1. 40%

Answer 22

Ally's rates go up and down with the market. They will go back up.  

Answer 23

Still an amazing rate! 5 year CDS are that high and those funds aren’t liquid

Answer 24

I use discover and I think it’s at 1. 40% right now

Answer 25

Interest rates are set by the federal reserve, so they are always changing.  

Answer 26

American Express as 1. 50

Comments

I was going to suggest this one. I personally really like it. It has dropped from almost 1. 70 but I’m still making good interest on my accounts.  

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@columba it will go Back up once all this mess is over

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@platino Exactly! Plus any “free” money is better than nothing.  

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@columba yup

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I also have Marcus by Goldman Sachs at 1. 30

Answer 27

Ally has been good and loyal to us. Never fussy or drama like some other banks. What they say is what you get, no “introductory” crap and you’re looking at things without warning like a change in terms after the fact. You know those fine print issues I’ll stay with them unless things become unwise. Interest is interest right now in this unsure time.  

Answer 28

All high yield savings account have dropped their rates. because interest rates have fallen market wide.  

Answer 29

I wanted to bank with Ally, but when I signed up last year, they ok’d everything and said to watch for a packet in the mail with instructions and banking info (account number, login, etc. ). I never got anything. Called customer service and they said they couldn’t help me without an account number. I explained the situation and they said just to wait. Then, when I still got nothing and couldn’t make a deposit, they emailed me and said they closed the account  I now have a savings account with Discover and they have a great interest rate. A lot easier that Ally.  

Answer 30

Capital one is 1. 5%, plus you get a $100 bonus for every 10K you deposit.  

Answer 31

I have a few capitol one 360 savings accounts and they are awesome! Great interest!  

Answer 32

Everyone is going to drop if they haven’t already. Just pick one and go with it. You aren’t even beating inflation most years with a savings account but it’s better than earning nothing for short term savings.  

Answer 33

They are all dropping. I dont like that it went down again. But I like Ally. ‍♀️

Comments

Same, I like them a ton and the customer service has always been amazing

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This. I figure they all will. And Ally has been so easy with deposits, buckets, transfers. It’s all better than 0. 01% so ‍♀️ And if they were at 2% a year or two ago, they can get back up there. None of it is what I’m gonna get rich off of, just a nice bonus.  

Answer 34

They are all dropping

Answer 35

American Express has a savings

Answer 36

Don't put into a savings account for the interest. it doesn't yield much. just an offhanded bonus. find one that has a good user interface. I'm sticking with ally because I like their buckets approach. if I wanted interest I would open up a cd

Answer 37

I opened an Ally savings account because of TBM group, I did a lot of research first and finally opened it about 3 weeks ago I’m really happy I did. I’m sure eventually the APY will go up. Since it’s a savings account and I don’t plan to touch the money I’m not too worried about it, I would probably be more tempted to spend the money if I had it on hand.  

Answer 38

This is what happens when the Federal Reserve drops their interest rate. It’s happening right now because the US is borrowing a crap ton of money so they will keep going down until we are out of this economic downturn. I would just pick a bank and stick to it in hopes that it goes back up to where it was (2. 10%) in a few years

Answer 39

I use HSBC and we are at 1. 6 right now.