I am guessing less people have MMAs than savings. So it costs them less.3000 wrote: ↑Thu Mar 23, 2023 6:16 pmIt’s interesting they have the rate for the MMA higher than the Savings. You’d think they’d have the rate higher on Savings because it’s harder to withdraw money (if you don’t have a checking account at Ally). I wonder if more people keep money in the MMA as a backup account and funds stay in them longer?anon_investor wrote: ↑Thu Mar 23, 2023 5:58 pmAlly MMA moves up to 4%!fetch5482 wrote: ↑Thu Mar 23, 2023 5:41 pm ...and another rate bump. 3.75% for online savings.
Not sure if there is any bump for Money Market and no-penalty CD though.
Your Online Savings Account rate is increasing from 3.60% to 3.75% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 03/24/2023, and will appear in your account on 03/25/2023.
Ally Online Savings/Money Market Rate Increases
- anon_investor
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Re: Ally Online Savings/Money Market Rate Increases
Re: Ally Online Savings/Money Market Rate Increases
Marcus, you're up next!
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
Re: Ally Online Savings/Money Market Rate Increases
I've been slowly siphoning off my Ally account and putting it in FSIXX showing 7d at 4.41%. I did put some cash in the Ally 4.75% NWP CD but thinking about closing out Ally sooner than later as part of my post retirement simplification strategy in my IPS. I'm not going to quibble over a few basis points. I guess I"m part of the problem
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
Re: Ally Online Savings/Money Market Rate Increases
Ally dropped their 11-month No Penalty CD rate to 4.35% APY. I guess they are no longer worried about a bank run.
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Re: Ally Online Savings/Money Market Rate Increases
10 months is too short imo, you're going to end up with reinvestment risk. Better to take Ally's 20 mo CD at 5% imo.brian91480 wrote: ↑Thu Mar 30, 2023 7:08 amMarcus / Goldman Sachs is offering a 10 month CD at 5.05%.
--- Brian
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Re: Ally Online Savings/Money Market Rate Increases
And act soon on the Ally's 20-month CD @ 5%:sperry8 wrote: ↑Thu Mar 30, 2023 7:54 am10 months is too short imo, you're going to end up with reinvestment risk. Better to take Ally's 20 mo CD at 5% imo.brian91480 wrote: ↑Thu Mar 30, 2023 7:08 amMarcus / Goldman Sachs is offering a 10 month CD at 5.05%.
--- Brian
>>APY is accurate as of 3/30/2023 and is subject to change prior to the end of the promotional term and upon renewal. Promotional term available through 4/11/2023.>>
https://www.ally.com/go/bank/20m-select-cd/
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Re: Ally Online Savings/Money Market Rate Increases
Thanks for this timely reminder. I just opened 20 month cd. CD rates are likely going down from here.evelynmanley wrote: ↑Thu Mar 30, 2023 7:59 amAnd act soon on the Ally's 20-month CD @ 5%:sperry8 wrote: ↑Thu Mar 30, 2023 7:54 am10 months is too short imo, you're going to end up with reinvestment risk. Better to take Ally's 20 mo CD at 5% imo.brian91480 wrote: ↑Thu Mar 30, 2023 7:08 amMarcus / Goldman Sachs is offering a 10 month CD at 5.05%.
--- Brian
>>APY is accurate as of 3/30/2023 and is subject to change prior to the end of the promotional term and upon renewal. Promotional term available through 4/11/2023.>>
https://www.ally.com/go/bank/20m-select-cd/
Re: Ally Online Savings/Money Market Rate Increases
Perfect timing. I just opened 10 "no penalty" CDs 2 days ago with them. Plan to move in a few dollars and break it across 10 CDs in the next day or so. Looks like they give you the best rate that exists within 10 days of opening, so I'll still get the 4.75%!
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
Re: Ally Online Savings/Money Market Rate Increases
Ally savings at 3.75% is pretty sad. Money market is 4% and no penalty CD at 4.25%.
Re: Ally Online Savings/Money Market Rate Increases
Yep, Marcus at 4.15% here I come
Re: Ally Online Savings/Money Market Rate Increases
Agree, They were great at the beginning of the tightening cycle, but now very poor. And the delta with the money market and HYSA. Sad, but I guess they don’t need the money. I have only my monthly liquidity there at this point, everything else at Vanguard in VMFXX.
Re: Ally Online Savings/Money Market Rate Increases
Or Vanguard Sweep Account (VMFXX) at 5%
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Re: Ally Online Savings/Money Market Rate Increases
Or they can’t afford it.Lastrun wrote: ↑Sat May 13, 2023 12:44 pmAgree, They were great at the beginning of the tightening cycle, but now very poor. And the delta with the money market and HYSA. Sad, but I guess they don’t need the money. I have only my monthly liquidity there at this point, everything else at Vanguard in VMFXX.
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Re: Ally Online Savings/Money Market Rate Increases
Ally hasn't been competitive against money market funds since last year.
Re: Ally Online Savings/Money Market Rate Increases
Or Vanguard Treasury MM (VUSXX) at 5.2% TEY if they end up with about 60% USGO income for the year. Or Fidelity Money Market Fund - Premium Class (FZDXX) at 4.89%.
If I make a calculation error, #Cruncher probably will let me know.
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Re: Ally Online Savings/Money Market Rate Increases
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Re: Ally Online Savings/Money Market Rate Increases
We've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.anon_investor wrote: ↑Sat May 13, 2023 6:45 pm Ally hasn't been competitive against money market funds since last year.
- anon_investor
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Re: Ally Online Savings/Money Market Rate Increases
I started using a Fidelity cash management account as my daily checking account last year (now 4.74% using FDRXX). Keeping my Ally accounts, but only have at total of ~$500 across all of my Ally accunts now.stoptothink wrote: ↑Sun May 14, 2023 7:43 amWe've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.anon_investor wrote: ↑Sat May 13, 2023 6:45 pm Ally hasn't been competitive against money market funds since last year.
Re: Ally Online Savings/Money Market Rate Increases
Will you be able to withdraw funds from VMFXX if the debt ceiling is not increased?stoptothink wrote: ↑Sun May 14, 2023 7:43 amWe've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.anon_investor wrote: ↑Sat May 13, 2023 6:45 pm Ally hasn't been competitive against money market funds since last year.
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Re: Ally Online Savings/Money Market Rate Increases
I've just bought a new house and have not yet sold my old house so I really can't tie up any of my available funds in a CD yet. Once the old house sells and I have a bit more long range security sure, it's CD for me.
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Re: Ally Online Savings/Money Market Rate Increases
But it's a No Penalty CD. You can close the account and withdraw the money any time from 6 days of funding to the end of the 11 month term. Your funds would only be tied up for those first 6 days.
Re: Ally Online Savings/Money Market Rate Increases
I did the same a few years ago when MM fund yields were attractive. Then they went to 0, so I moved bill payments back to Ally. I've been too lazy to switch again.anon_investor wrote: ↑Sun May 14, 2023 7:54 amI started using a Fidelity cash management account as my daily checking account last year (now 4.74% using FDRXX). Keeping my Ally accounts, but only have at total of ~$500 across all of my Ally accunts now.stoptothink wrote: ↑Sun May 14, 2023 7:43 amWe've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.anon_investor wrote: ↑Sat May 13, 2023 6:45 pm Ally hasn't been competitive against money market funds since last year.
One advantage of a bank like Ally is that we can easily open accounts with different ownership interests. We have individual, individual trusts, and two sets of joint trust accounts with different grantor ownership percentages. I guess we could do the same at Fidelity, but at this stage of our lives, it's not worth it at this point.
So, we are essentially paying an implicit fee to hold enough at Ally for the upcoming month's expenses, with some buffer for same-day financial unexpected expenses where we can't use a credit card. As I think about it, we could hold even less at Ally, especially since Fidelity has same-day wire if enter the transfer early enough, and of course we can use Fidelity debit card and checks if necessary. Will move in that direction, but too lazy to make many changes at this point.
Kevin
If I make a calculation error, #Cruncher probably will let me know.
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Re: Ally Online Savings/Money Market Rate Increases
If I didn't have some large cash transaction happening I would not have bothered switching, but I was holding cash for large tax bills, etc. so the extra interest was quite a bit.Kevin M wrote: ↑Sun May 14, 2023 1:12 pmI did the same a few years ago when MM fund yields were attractive. Then they went to 0, so I moved bill payments back to Ally. I've been too lazy to switch again.anon_investor wrote: ↑Sun May 14, 2023 7:54 amI started using a Fidelity cash management account as my daily checking account last year (now 4.74% using FDRXX). Keeping my Ally accounts, but only have at total of ~$500 across all of my Ally accunts now.stoptothink wrote: ↑Sun May 14, 2023 7:43 amWe've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.anon_investor wrote: ↑Sat May 13, 2023 6:45 pm Ally hasn't been competitive against money market funds since last year.
One advantage of a bank like Ally is that we can easily open accounts with different ownership interests. We have individual, individual trusts, and two sets of joint trust accounts with different grantor ownership percentages. I guess we could do the same at Fidelity, but at this stage of our lives, it's not worth it at this point.
So, we are essentially paying an implicit fee to hold enough at Ally for the upcoming month's expenses, with some buffer for same-day financial unexpected expenses where we can't use a credit card. As I think about it, we could hold even less at Ally, especially since Fidelity has same-day wire if enter the transfer early enough, and of course we can use Fidelity debit card and checks if necessary. Will move in that direction, but too lazy to make many changes at this point.
Kevin
Re: Ally Online Savings/Money Market Rate Increases
Ally's CDs have reduced somewhat but I managed to get my emergency fund into a 5% CD a few weeks ago.
(It's an 18-month CD, but I'm sitting on a ton of other short-term cash for a home reno so the formal emergency fund is way down the chain of what I would actually access if needed.)
(It's an 18-month CD, but I'm sitting on a ton of other short-term cash for a home reno so the formal emergency fund is way down the chain of what I would actually access if needed.)
- anon_investor
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Re: Ally Online Savings/Money Market Rate Increases
What is the withdrawal penalty on an 18 mo CD?Tamarind wrote: ↑Mon May 15, 2023 8:45 am Ally's CDs have reduced somewhat but I managed to get my emergency fund into a 5% CD a few weeks ago.
(It's an 18-month CD, but I'm sitting on a ton of other short-term cash for a home reno so the formal emergency fund is way down the chain of what I would actually access if needed.)
Re: Ally Online Savings/Money Market Rate Increases
60 days of interest.anon_investor wrote: ↑Mon May 15, 2023 10:00 amWhat is the withdrawal penalty on an 18 mo CD?Tamarind wrote: ↑Mon May 15, 2023 8:45 am Ally's CDs have reduced somewhat but I managed to get my emergency fund into a 5% CD a few weeks ago.
(It's an 18-month CD, but I'm sitting on a ton of other short-term cash for a home reno so the formal emergency fund is way down the chain of what I would actually access if needed.)
The fool, with all his other faults, has this also - he is always getting ready to live. - Seneca Epistles < c. 65AD
Re: Ally Online Savings/Money Market Rate Increases
Right. For very large, known expenses, I would hold in a MM at Fidelity or Vanguard, then either pay from Fidelity or wire to Ally.anon_investor wrote: ↑Sun May 14, 2023 8:43 pmIf I didn't have some large cash transaction happening I would not have bothered switching, but I was holding cash for large tax bills, etc. so the extra interest was quite a bit.Kevin M wrote: ↑Sun May 14, 2023 1:12 pmI did the same a few years ago when MM fund yields were attractive. Then they went to 0, so I moved bill payments back to Ally. I've been too lazy to switch again.anon_investor wrote: ↑Sun May 14, 2023 7:54 amI started using a Fidelity cash management account as my daily checking account last year (now 4.74% using FDRXX). Keeping my Ally accounts, but only have at total of ~$500 across all of my Ally accunts now.stoptothink wrote: ↑Sun May 14, 2023 7:43 amWe've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.anon_investor wrote: ↑Sat May 13, 2023 6:45 pm Ally hasn't been competitive against money market funds since last year.
One advantage of a bank like Ally is that we can easily open accounts with different ownership interests. We have individual, individual trusts, and two sets of joint trust accounts with different grantor ownership percentages. I guess we could do the same at Fidelity, but at this stage of our lives, it's not worth it at this point.
So, we are essentially paying an implicit fee to hold enough at Ally for the upcoming month's expenses, with some buffer for same-day financial unexpected expenses where we can't use a credit card. As I think about it, we could hold even less at Ally, especially since Fidelity has same-day wire if enter the transfer early enough, and of course we can use Fidelity debit card and checks if necessary. Will move in that direction, but too lazy to make many changes at this point.
Kevin
I can easily pay things like property taxes from any account, so could pay from Fidelity. However, my prop taxes are quite low due to the CA propositions--I transferred my tax base from a very old assessment to our new house, so we're paying about 1/10 of the tax someone buying new would pay.
If I make a calculation error, #Cruncher probably will let me know.
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Re: Ally Online Savings/Money Market Rate Increases
That makes sense. I have been paying my Fed/state income taxes via credit card (credit card cash back is higher than the processing fee), then I pay off my credit card bills from whatever account I am using as my "checking account" at the time. Once money market fund yields started to have a premium over Ally, I made the switch. I am surprised that Ally didn't raise their rate after the last Fed funds rate increase. I guess Ally captures enough deposits when they temporarily had their no penalty CD at 4.75%.Kevin M wrote: ↑Mon May 15, 2023 2:15 pmRight. For very large, known expenses, I would hold in a MM at Fidelity or Vanguard, then either pay from Fidelity or wire to Ally.anon_investor wrote: ↑Sun May 14, 2023 8:43 pmIf I didn't have some large cash transaction happening I would not have bothered switching, but I was holding cash for large tax bills, etc. so the extra interest was quite a bit.Kevin M wrote: ↑Sun May 14, 2023 1:12 pmI did the same a few years ago when MM fund yields were attractive. Then they went to 0, so I moved bill payments back to Ally. I've been too lazy to switch again.anon_investor wrote: ↑Sun May 14, 2023 7:54 amI started using a Fidelity cash management account as my daily checking account last year (now 4.74% using FDRXX). Keeping my Ally accounts, but only have at total of ~$500 across all of my Ally accunts now.stoptothink wrote: ↑Sun May 14, 2023 7:43 am
We've kept $5k at Ally for the last ~6 months or so (we have $110k in VMFXX slowly saving for a home) just seeing if it will become competitive, but it doesn't look to be the case. Not that $5k is going to make a difference, but think I'll start the transfer to move it over to VMFXX today.
One advantage of a bank like Ally is that we can easily open accounts with different ownership interests. We have individual, individual trusts, and two sets of joint trust accounts with different grantor ownership percentages. I guess we could do the same at Fidelity, but at this stage of our lives, it's not worth it at this point.
So, we are essentially paying an implicit fee to hold enough at Ally for the upcoming month's expenses, with some buffer for same-day financial unexpected expenses where we can't use a credit card. As I think about it, we could hold even less at Ally, especially since Fidelity has same-day wire if enter the transfer early enough, and of course we can use Fidelity debit card and checks if necessary. Will move in that direction, but too lazy to make many changes at this point.
Kevin
I can easily pay things like property taxes from any account, so could pay from Fidelity. However, my prop taxes are quite low due to the CA propositions--I transferred my tax base from a very old assessment to our new house, so we're paying about 1/10 of the tax someone buying new would pay.
Re: Ally Online Savings/Money Market Rate Increases
If you keep this up, you might get me to switch back to Fidelity, but that would also involve DW switching, and it's harder for her. I would even be OK, switching the larger payments to Fidelity (1-3 credit cards) if DW doesn't mind.anon_investor wrote: ↑Mon May 15, 2023 2:26 pm That makes sense. I have been paying my Fed/state income taxes via credit card (credit card cash back is higher than the processing fee), then I pay off my credit card bills from whatever account I am using as my "checking account" at the time. Once money market fund yields started to have a premium over Ally, I made the switch. I am surprised that Ally didn't raise their rate after the last Fed funds rate increase. I guess Ally captures enough deposits when they temporarily had their no penalty CD at 4.75%.
I need to calculate how much interest I'm losing on average.
I got $10K into the 4.75% NP CD, which isn't as good as FZDXX at 4.89%, but close enough to not worry about it.
If I make a calculation error, #Cruncher probably will let me know.
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Re: Ally Online Savings/Money Market Rate Increases
Your Online Savings Account rate is increasing from 3.75% to 3.85% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 05/19/2023, and will appear in your account on 05/20/2023.
Re: Ally Online Savings/Money Market Rate Increases
Ally really has fallen behind other banks with increases. They once were the first ones to hike rates after a Fed hike
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Re: Ally Online Savings/Money Market Rate Increases
Creeping along.indexfund56 wrote: ↑Thu May 18, 2023 3:42 pmYour Online Savings Account rate is increasing from 3.75% to 3.85% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 05/19/2023, and will appear in your account on 05/20/2023.
“Those who move forward with a happy spirit will find that things always work out.” -Retired 13 years 😀
Re: Ally Online Savings/Money Market Rate Increases
LOL, this is sad. When I saw the e-mail I was thinking "maybe they're finally going to hit 4%" Too bad, since they're still one of my better "hub" accounts for ACH transfers, but at this rate there's no reason to actually leave any money in there.
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Re: Ally Online Savings/Money Market Rate Increases
Yes, too little and too late once again. But I keep $1 there so I'm ready for the next promo.
Re: Ally Online Savings/Money Market Rate Increases
This. Except I leave $0.01 !Super Hans wrote: ↑Thu May 18, 2023 4:39 pm Yes, too little and too late once again. But I keep $1 there so I'm ready for the next promo.
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Re: Ally Online Savings/Money Market Rate Increases
How much cash is everyone holding on to that its worth the hassle to open new accounts and transfer funds every time the rates moves somewhere by 10bps?
I might hold on to $25-$50k, 10bps is $25-$50 a year. Not going through the hassle of moving accounts and taking on another 1099 for $25 a year. Heck probably wouldn't even do it for $500...maybe at a $1000.
I might hold on to $25-$50k, 10bps is $25-$50 a year. Not going through the hassle of moving accounts and taking on another 1099 for $25 a year. Heck probably wouldn't even do it for $500...maybe at a $1000.
Re: Ally Online Savings/Money Market Rate Increases
Exactly my thoughts. If you have $100k in savings, a 1% increase in rate is only $1,000 a year. I'm not going through the hassle for an extra couple hundred dollars a year.DoubleComma wrote: ↑Thu May 18, 2023 5:16 pm How much cash is everyone holding on to that its worth the hassle to open new accounts and transfer funds every time the rates moves somewhere by 10bps?
I might hold on to $25-$50k, 10bps is $25-$50 a year. Not going through the hassle of moving accounts and taking on another 1099 for $25 a year. Heck probably wouldn't even do it for $500...maybe at a $1000.
Re: Ally Online Savings/Money Market Rate Increases
Ally hasn’t been in the top 5-10 highest paying online banks in years though. I tend to keep my “primary” high yield savings account as long as possible, until it’s behind by at least 75bps or so. Which meant HMBradley for quite a while, then Presidential bank, and as of a few months ago Primis. Earning 5.11% at Primis is defintely worth it to me over 3.85% at Ally since I have over $100K there. The time to switch once every year or two is trivial in the scheme of things.
Re: Ally Online Savings/Money Market Rate Increases
I've been keeping my $ in my brokerage accounts in MM funds. This new increase is not much, obviously. I pulled most of my $ out of here and Alliant Credit union. They are even worse at 3.10%. Meanwhile, I have the money market funds nearing 5%>
- anon_investor
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Re: Ally Online Savings/Money Market Rate Increases
My email said my Ally Money Maket Account is going up to 4.15%.
- Darth Xanadu
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Re: Ally Online Savings/Money Market Rate Increases
Same here. I actually calculated that the rate increase means an extra $5 per YEAR for me with my current setup.
I still pumped my fist when I read the email, however.
Re: Ally Online Savings/Money Market Rate Increases
That's right. There no reason to keep any money in an Ally Savings account, since their Money Market account rate is higher. The Money Market account is actually a better account, as it offers free checks and a debit card, which reimburses other banks' ATM fees. I used to have both Money Market and Savings accounts with Ally in the past, when they had the same rate, as a way to be able to make more than 6 withdrawals a month, which I needed to pay bills, but it's no longer needed because Ally is now automatically reimbursing the $10 excessive transactions fee.anon_investor wrote: ↑Thu May 18, 2023 8:10 pmMy email said my Ally Money Maket Account is going up to 4.15%.
Re: Ally Online Savings/Money Market Rate Increases
3.85% is still FAR short of the 5%+ at Vanguard. If they offer another 1% bonus for 3 months I might be back : )
70% Global Stocks / 30% Bonds
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Re: Ally Online Savings/Money Market Rate Increases
Do you have to get the debit card and checks? In other words, can you have the Money Market account without the debit card and checks?safari wrote: ↑Thu May 18, 2023 9:35 pmThat's right. There no reason to keep any money in an Ally Savings account, since their Money Market account rate is higher. The Money Market account is actually a better account, as it offers free checks and a debit card, which reimburses other banks' ATM fees. I used to have both Money Market and Savings accounts with Ally in the past, when they had the same rate, as a way to be able to make more than 6 withdrawals a month, which I needed to pay bills, but it's no longer needed because Ally is now automatically reimbursing the $10 excessive transactions fee.anon_investor wrote: ↑Thu May 18, 2023 8:10 pmMy email said my Ally Money Maket Account is going up to 4.15%.
Re: Ally Online Savings/Money Market Rate Increases
I thought I was bad keeping $4 in the money market account in case I decide to reinvest there. But a couple of you guys put me to shame.
Re: Ally Online Savings/Money Market Rate Increases
Yes on the 2nd question -- I have not requested either debit card or check on my MM account.indexfund56 wrote: ↑Fri May 19, 2023 7:44 am
Do you have to get the debit card and checks? In other words, can you have the Money Market account without the debit card and checks?
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Re: Ally Online Savings/Money Market Rate Increases
Thanks!fetch5482 wrote: ↑Fri May 19, 2023 7:56 amYes on the 2nd question -- I have not requested either debit card or check on my MM account.indexfund56 wrote: ↑Fri May 19, 2023 7:44 am
Do you have to get the debit card and checks? In other words, can you have the Money Market account without the debit card and checks?