Ally Online Savings/Money Market Rate Increases

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drzzzzz
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Re: Ally rate is now 0.6%

Post by drzzzzz »

TetrisCollider wrote: Tue May 10, 2022 10:28 pm
JoMoney wrote: Tue May 10, 2022 8:57 pm Vanguard Federal Money Market Fund (VMFXX) 7 day SEC yield (as of 05/09/2022) 0.53%

Fidelity® Government Cash Reserves (FDRXX) 7 day SEC yield (as of 05/09/2022) 0.30% (... not great compared to Vanguard's, but can be used with the CMA for direct debit/ATM/check-writing etc...)
Fidelity® Money Market Fund (SPRXX) 7 day SEC yield has gone from 0.01 to .39% (as of 5/11/2022) in one week. I am expecting this to keep going up due to all the Fed Rate Changes. As soon as this goes above .6%, adios Ally. This particular fund is very special at FIDO, because you don't need to actually perform a sell transaction before using the money from it (unlike a similar fund at Schwab). It acts as liquid Cash account (the required amount that you are removing from the fund - either to fund other transactions or just to withdraw/transfer the funds - is automatically sold by FIDO).
You might look into FZDXX at Fidelity if you have the funds to initially open it with their minimum of $100,000. Once opened they don't seem to care if your balance drops low. It currently pays 0.64% as a premium money market and like their other money market accounts will automatically transfer funds from it to cover checks and other transactions.
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anon_investor
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Re: Ally rate is now 0.6%

Post by anon_investor »

drzzzzz wrote: Thu May 26, 2022 7:12 pm
TetrisCollider wrote: Tue May 10, 2022 10:28 pm
JoMoney wrote: Tue May 10, 2022 8:57 pm Vanguard Federal Money Market Fund (VMFXX) 7 day SEC yield (as of 05/09/2022) 0.53%

Fidelity® Government Cash Reserves (FDRXX) 7 day SEC yield (as of 05/09/2022) 0.30% (... not great compared to Vanguard's, but can be used with the CMA for direct debit/ATM/check-writing etc...)
Fidelity® Money Market Fund (SPRXX) 7 day SEC yield has gone from 0.01 to .39% (as of 5/11/2022) in one week. I am expecting this to keep going up due to all the Fed Rate Changes. As soon as this goes above .6%, adios Ally. This particular fund is very special at FIDO, because you don't need to actually perform a sell transaction before using the money from it (unlike a similar fund at Schwab). It acts as liquid Cash account (the required amount that you are removing from the fund - either to fund other transactions or just to withdraw/transfer the funds - is automatically sold by FIDO).
You might look into FZDXX at Fidelity if you have the funds to initially open it with their minimum of $100,000. Once opened they don't seem to care if your balance drops low. It currently pays 0.64% as a premium money market and like their other money market accounts will automatically transfer funds from it to cover checks and other transactions.
Still less than the 0.75% Ally will start paying tomorrow (no minimum).
Summer
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Re: Ally Online Savings Rate Increase

Post by Summer »

Ally Bank-
No Penalty 11 Month CD- old rate 0.70 - new rate 0.85% - still seems low, but going in the right direction-
:sharebeer
Summer
mnsportsgeek
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Re: Ally Online Savings Rate Increase

Post by mnsportsgeek »

I remember when Ally was like 2% 3-4 years ago.
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Re: Ally Online Savings Rate Increase

Post by Parkinglotracer »

T mobile is paying 1% . Fdic insured
feh
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Re: Ally Online Savings Rate Increase

Post by feh »

anon_investor wrote: Thu May 26, 2022 5:25 pm
HueyLD wrote: Thu May 26, 2022 5:16 pm
tennisplyr wrote: Thu May 26, 2022 4:59 pm Just got an email from Ally stating that their online savings is going from 0.60% to 0.75%.
I think they had to raise the rate due to serious erosion of their online savings aggregate balance?
People started to bailed probably because Ally was behind everyone else.
I moved most of our online savings from Ally to Synchrony because of this pattern.
artpennypacker
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Ally announcing raising rates on Savings account to 0.75% from 0.60%

Post by artpennypacker »

[Merged into existing discussion -- moderator oldcomputerguy]

Thought some may be interested. Received an email this morning.
Update:
Your Online Savings Account rate is increasing from 0.60% to 0.75% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 05/27/2022, and will appear in your account on 05/28/2022.
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Blues
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Re: Ally Online Savings Rate Increase

Post by Blues »

I moved 60% of the money I've been keeping at Ally in the past week to buy Treasury Bills, Notes and brokered CDs via Vanguard.
jebmke
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Re: Ally announcing raising rates on Savings account to 0.75% from 0.60%

Post by jebmke »

yes; discussed here yesterday

viewtopic.php?p=6697261
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
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Kenkat
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Re: Ally announcing raising rates on Savings account to 0.75% from 0.60%

Post by Kenkat »

For comparison with others I currently have open:

Discover Savings 0.7%
Capital One 360 Performance Savings 0.7% (just opened to get $450 bonus)
Vanguard Cash Reserves Federal Money Market Admiral 0.66%

I would think the online savings accounts will need to continue to increase rates to compete with the money market funds.
as9
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Re: Ally Online Savings Rate Increase

Post by as9 »

My NP CD is showing 0.75% as the rate now. I'm glad I don't have to do anything.
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JupiterJones
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Re: Ally Online Savings Rate Increase

Post by JupiterJones »

mnsportsgeek wrote: Fri May 27, 2022 6:37 am I remember when Ally was like 2% 3-4 years ago.
As were a lot of the other high-yield savings account providers. Chase, etc.

Very low inflation back then too! Those were the days, eh? :D
"Stay on target! Stay on target!"
atdharris
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Re: Ally Online Savings Rate Increase

Post by atdharris »

JupiterJones wrote: Fri May 27, 2022 9:12 am
mnsportsgeek wrote: Fri May 27, 2022 6:37 am I remember when Ally was like 2% 3-4 years ago.
As were a lot of the other high-yield savings account providers. Chase, etc.

Very low inflation back then too! Those were the days, eh? :D
I think Marcus got up to 2.25% before rates were taken to 0. The good old days :D
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

atdharris wrote: Fri May 27, 2022 10:05 am
JupiterJones wrote: Fri May 27, 2022 9:12 am
mnsportsgeek wrote: Fri May 27, 2022 6:37 am I remember when Ally was like 2% 3-4 years ago.
As were a lot of the other high-yield savings account providers. Chase, etc.

Very low inflation back then too! Those were the days, eh? :D
I think Marcus got up to 2.25% before rates were taken to 0. The good old days :D
I think I had a 2.3% NPCD from Ally back then.
professor_americus
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Re: Ally Online Savings Rate Increase

Post by professor_americus »

How should I be managing my windfall from these Ally rate increases?
mega317
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Re: Ally Online Savings Rate Increase

Post by mega317 »

professor_americus wrote: Fri May 27, 2022 4:14 pm How should I be managing my windfall from these Ally rate increases?
Ignore the wiki. Step 1 is take your time; if you do that the rate will be even higher!
pasadena
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Re: Ally Online Savings Rate Increase

Post by pasadena »

Hmm, yay?
vv19
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Re: Ally announcing raising rates on Savings account to 0.75% from 0.60%

Post by vv19 »

Kenkat wrote: Fri May 27, 2022 9:06 am For comparison with others I currently have open:

Discover Savings 0.7%
Capital One 360 Performance Savings 0.7% (just opened to get $450 bonus)
Vanguard Cash Reserves Federal Money Market Admiral 0.66%

I would think the online savings accounts will need to continue to increase rates to compete with the money market funds.
Did you get an email/mail for that bonus? I don't see it on their website.
Ron Ronnerson
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Re: Ally Online Savings Rate Increase

Post by Ron Ronnerson »

JupiterJones wrote: Fri May 27, 2022 9:12 am
mnsportsgeek wrote: Fri May 27, 2022 6:37 am I remember when Ally was like 2% 3-4 years ago.
As were a lot of the other high-yield savings account providers. Chase, etc.

Very low inflation back then too! Those were the days, eh? :D
They were but not quite as nice as the good old days when Ally paid 6%. I remember those days fondly. Circa 2005-2006.
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

Ron Ronnerson wrote: Fri May 27, 2022 6:25 pm
JupiterJones wrote: Fri May 27, 2022 9:12 am
mnsportsgeek wrote: Fri May 27, 2022 6:37 am I remember when Ally was like 2% 3-4 years ago.
As were a lot of the other high-yield savings account providers. Chase, etc.

Very low inflation back then too! Those were the days, eh? :D
They were but not quite as nice as the good old days when Ally paid 6%. I remember those days fondly. Circa 2005-2006.
I had Electric Orange back in those days...
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Kevin M
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Re: Ally Online Savings Rate Increase

Post by Kevin M »

mnsportsgeek wrote: Fri May 27, 2022 6:37 am I remember when Ally was like 2% 3-4 years ago.
Image

Source: https://www.depositaccounts.com/savings/
If I make a calculation error, #Cruncher probably will let me know.
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Kenkat
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Re: Ally announcing raising rates on Savings account to 0.75% from 0.60%

Post by Kenkat »

jay22 wrote: Fri May 27, 2022 6:18 pm
Kenkat wrote: Fri May 27, 2022 9:06 am For comparison with others I currently have open:

Discover Savings 0.7%
Capital One 360 Performance Savings 0.7% (just opened to get $450 bonus)
Vanguard Cash Reserves Federal Money Market Admiral 0.66%

I would think the online savings accounts will need to continue to increase rates to compete with the money market funds.
Did you get an email/mail for that bonus? I don't see it on their website.
I have a Capital One Quicksilver Visa so I got a notice in the Capital One app about the bonus. You have to be a new Capital One 360 Savings account holder to qualify. I think the cut-off was 2019 (i.e., no account after that date).

https://www.forbes.com/advisor/banking/ ... ons-bonus/

I had a Capital One savings account a number of years ago but when rates went back up in 2016, moved everything back to the Vanguard money market. Then when rates dropped again in 2020, I opened a Discover savings account (got a bonus for that one as well). So now I have the three which is probably enough and I will move money around to get the best rate between these.
Philly30
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Re: Ally announcing raising rates on Savings account to 0.75% from 0.60%

Post by Philly30 »

Kenkat wrote: Fri May 27, 2022 6:44 pm
jay22 wrote: Fri May 27, 2022 6:18 pm
Kenkat wrote: Fri May 27, 2022 9:06 am For comparison with others I currently have open:

Discover Savings 0.7%
Capital One 360 Performance Savings 0.7% (just opened to get $450 bonus)
Vanguard Cash Reserves Federal Money Market Admiral 0.66%

I would think the online savings accounts will need to continue to increase rates to compete with the money market funds.
Did you get an email/mail for that bonus? I don't see it on their website.
I have a Capital One Quicksilver Visa so I got a notice in the Capital One app about the bonus. You have to be a new Capital One 360 Savings account holder to qualify. I think the cut-off was 2019 (i.e., no account after that date).

https://www.forbes.com/advisor/banking/ ... ons-bonus/

I had a Capital One savings account a number of years ago but when rates went back up in 2016, moved everything back to the Vanguard money market. Then when rates dropped again in 2020, I opened a Discover savings account (got a bonus for that one as well). So now I have the three which is probably enough and I will move money around to get the best rate between these.
I made a mistake with that offer and instead opened a new performance account and deposited money there because of the better interest rate than the regular savings account i have so I Called CO and luckily they told me call back end of August and they would grant an exception
enterdoki
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Re: Ally rate is now 0.6%

Post by enterdoki »

Bluemnatra wrote: Tue May 10, 2022 10:05 pm Does anyone else use SoFI with DD for 1.25%?
I do and it's great!
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Candor
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Re: Ally Online Savings Rate Increase

Post by Candor »

.90% now. :moneybag
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BogleMe
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Re: Ally Online Savings Rate Increase

Post by BogleMe »

Citi "High Yield Savings" account beating that at 1.0%
z3r0c00l
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Re: Ally Online Savings Rate Increase

Post by z3r0c00l »

Nice, just moved some extra cash there today.
70% Global Stocks / 30% Bonds
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

BogleMe wrote: Thu Jun 09, 2022 4:01 pm Citi "High Yield Savings" account beating that at 1.0%
That is not offered in every state.
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Drew31
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Re: Ally Online Savings Rate Increase

Post by Drew31 »

Got a T-Bill maturing I use for short term savings needs. This is starting to make the decision harder. Still leaning just towards a 3-mo ladder.
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VictorStarr
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Re: Ally rate is now 0.6%

Post by VictorStarr »

enterdoki wrote: Fri May 27, 2022 10:14 pm
Bluemnatra wrote: Tue May 10, 2022 10:05 pm Does anyone else use SoFI with DD for 1.25%?
I do and it's great!
+1
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anon_investor
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Re: Ally rate is now 0.6%

Post by anon_investor »

VictorStarr wrote: Thu Jun 09, 2022 4:57 pm
enterdoki wrote: Fri May 27, 2022 10:14 pm
Bluemnatra wrote: Tue May 10, 2022 10:05 pm Does anyone else use SoFI with DD for 1.25%?
I do and it's great!
+1
Has SoFi raised their rate lately? Ally has gone from 0.5% to 0.9% in only a 30 day period.
exodusNH
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Re: Ally rate is now 0.6%

Post by exodusNH »

anon_investor wrote: Thu Jun 09, 2022 5:04 pm
VictorStarr wrote: Thu Jun 09, 2022 4:57 pm
enterdoki wrote: Fri May 27, 2022 10:14 pm
Bluemnatra wrote: Tue May 10, 2022 10:05 pm Does anyone else use SoFI with DD for 1.25%?
I do and it's great!
+1
Has SoFi raised their rate lately? Ally has gone from 0.5% to 0.9% in only a 30 day period.
Vio went very quickly from .7 to 1.03.
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Kevin M
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Re: Ally Online Savings Rate Increase

Post by Kevin M »

Drew31 wrote: Thu Jun 09, 2022 4:39 pm Got a T-Bill maturing I use for short term savings needs. This is starting to make the decision harder. Still leaning just towards a 3-mo ladder.
1-month yield increased to 1.05% today (Treasury CMT yield), up from 0.87% yesterday.
If I make a calculation error, #Cruncher probably will let me know.
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

Kevin M wrote: Thu Jun 09, 2022 5:12 pm
Drew31 wrote: Thu Jun 09, 2022 4:39 pm Got a T-Bill maturing I use for short term savings needs. This is starting to make the decision harder. Still leaning just towards a 3-mo ladder.
1-month yield increased to 1.05% today (Treasury CMT yield), up from 0.87% yesterday.
Wow it was only 0.77% a week ago.
tenkuky
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Re: Ally Online Savings Rate Increase

Post by tenkuky »

Candor wrote: Thu Jun 09, 2022 3:59 pm .90% now. :moneybag
Where are you seeing this?
No email and rates on their webpage don’t reflect.
stoptothink
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Re: Ally Online Savings Rate Increase

Post by stoptothink »

tenkuky wrote: Thu Jun 09, 2022 5:26 pm
Candor wrote: Thu Jun 09, 2022 3:59 pm .90% now. :moneybag
Where are you seeing this?
No email and rates on their webpage don’t reflect.
I just got the email.
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

stoptothink wrote: Thu Jun 09, 2022 5:27 pm
tenkuky wrote: Thu Jun 09, 2022 5:26 pm
Candor wrote: Thu Jun 09, 2022 3:59 pm .90% now. :moneybag
Where are you seeing this?
No email and rates on their webpage don’t reflect.
I just got the email.
Yeah, me too I got an email late this afternoon.
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Drew31
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Re: Ally Online Savings Rate Increase

Post by Drew31 »

tenkuky wrote: Thu Jun 09, 2022 5:26 pm
Candor wrote: Thu Jun 09, 2022 3:59 pm .90% now. :moneybag
Where are you seeing this?
No email and rates on their webpage don’t reflect.
Last rate increase it took a few hours after the Bogleheads' post for me to get the email, so you'll probably get sometime tonight.
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Drew31
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Re: Ally Online Savings Rate Increase

Post by Drew31 »

Kevin M wrote: Thu Jun 09, 2022 5:12 pm
Drew31 wrote: Thu Jun 09, 2022 4:39 pm Got a T-Bill maturing I use for short term savings needs. This is starting to make the decision harder. Still leaning just towards a 3-mo ladder.
1-month yield increased to 1.05% today (Treasury CMT yield), up from 0.87% yesterday.
This TBill I think I bought for .80% w/ a 2month maturity in early May. If I peer into my crystal ball I'd guess I'd have a chance to get greater than 1.05% when this one matures
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Re: Ally Online Savings Rate Increase

Post by minesweep »

Yippie-Kai-Yay!
Time is your friend; impulse is your enemy - John Bogle | Learn every day, but especially from the experiences of others, it's cheaper! - John Bogle
Summer
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Re: Ally Online Savings Rate Increase

Post by Summer »

When do you believe Ally Bank rates will go up?

Ally Website shows-

Get more for your money. Compare the cost of banking somewhere else - calculater

$10,000 - 11 month no penalty CD - (June 19, 2022)

Ally Bank 1.00% $91.63
CIT Bank 1.25% $114.52

I really like the bank….but wish they earn a litte more…..

https://www.ally.com/bank/no-penalty-cd/

Summer
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Blues
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Re: Ally Online Savings Rate Increase

Post by Blues »

I've moved 90% of my money out of Ally, (money markets, CDs, etc), and into Treasuries and brokered CDs through Vanguard.

I did keep one CD which wasn't worth breaking, and a money market for emergency use.

Good bank, I have no major issues...but I'd rather get more for my money.
NostraHistoria
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Re: Ally Online Savings Rate Increase

Post by NostraHistoria »

Amex National Bank is 0.75%. Marcus is 0.85% or so.
67% Bitcoin, 21% FZROX, 5% FZILX, 2% GLD, 5% individual stocks
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

Blues wrote: Sun Jun 19, 2022 9:21 am I've moved 90% of my money out of Ally, (money markets, CDs, etc), and into Treasuries and brokered CDs through Vanguard.

I did keep one CD which wasn't worth breaking, and a money market for emergency use.

Good bank, I have no major issues...but I'd rather get more for my money.
Which money market pays more than 0.90%?
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Blues
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Re: Ally Online Savings Rate Increase

Post by Blues »

anon_investor wrote: Sun Jun 19, 2022 10:11 am
Blues wrote: Sun Jun 19, 2022 9:21 am I've moved 90% of my money out of Ally, (money markets, CDs, etc), and into Treasuries and brokered CDs through Vanguard.

I did keep one CD which wasn't worth breaking, and a money market for emergency use.

Good bank, I have no major issues...but I'd rather get more for my money.
Which money market pays more than 0.90%?
I'm sorry I wasn't clearer. I left one money market standing there...(for emergency funds)...and closed the other money market, along with various CDs, ("no penalty" as well as those I had to pay a penalty to withdraw), to take advantage of higher rates available in treasuries and brokered CDs.

I did not take the funds out because I wanted to deposit them in another money market fund. Sorry for any confusion on that score.
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

Blues wrote: Sun Jun 19, 2022 10:23 am
anon_investor wrote: Sun Jun 19, 2022 10:11 am
Blues wrote: Sun Jun 19, 2022 9:21 am I've moved 90% of my money out of Ally, (money markets, CDs, etc), and into Treasuries and brokered CDs through Vanguard.

I did keep one CD which wasn't worth breaking, and a money market for emergency use.

Good bank, I have no major issues...but I'd rather get more for my money.
Which money market pays more than 0.90%?
I'm sorry I wasn't clearer. I left one money market standing there...(for emergency funds)...and closed the other money market, along with various CDs, ("no penalty" as well as those I had to pay a penalty to withdraw), to take advantage of higher rates available in treasuries and brokered CDs.

I did not take the funds out because I wanted to deposit them in another money market fund. Sorry for any confusion on that score.
That makes sense. I may buy some T Bills soon. I broke my old NPCDs (0.55%) at Ally once the Ally HYSA rate went above that last month. The money has been in my Ally HYSA since. I just checked and it looks like my Vanguard settlement account is paying 1.19% now, so maybe I move some cash their first. I already moved most of my emergency fund into I Bonds over the last 3 years, so it is only 2-3 months worth of expenses so not a large amount of extra interest either way.
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Kevin M
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Re: Ally Online Savings Rate Increase

Post by Kevin M »

anon_investor wrote: Sun Jun 19, 2022 10:11 am Which money market pays more than 0.90%?
Image

SEC = SEC yield. What you'd earn in an IRA.
TEY = Taxable Equivalent Yield (at 22% fed and 9.3% state marginal tax rates)
ATY = After Tax Yield

TEY for Fed MM assumes same percentage in USGO as 2021, so this is somewhat of a guess.

Kevin
If I make a calculation error, #Cruncher probably will let me know.
patrick
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Re: Ally Online Savings Rate Increase

Post by patrick »

Meanwhile First Foundation raised their savings rate to 1.65% leaving Ally in the dust.
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anon_investor
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Re: Ally Online Savings Rate Increase

Post by anon_investor »

Kevin M wrote: Sun Jun 19, 2022 1:56 pm
anon_investor wrote: Sun Jun 19, 2022 10:11 am Which money market pays more than 0.90%?
Image

SEC = SEC yield. What you'd earn in an IRA.
TEY = Taxable Equivalent Yield (at 22% fed and 9.3% state marginal tax rates)
ATY = After Tax Yield

TEY for Fed MM assumes same percentage in USGO as 2021, so this is somewhat of a guess.

Kevin
Wow, rates have really started to move. VFMXX (settlement fund) is an easy place to stay cash. Partial state/local income tax exemption too.
Lastrun
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Re: Ally Online Savings Rate Increase

Post by Lastrun »

richard.h.gao wrote: Sun Jun 19, 2022 4:18 pm
NostraHistoria wrote: Sun Jun 19, 2022 10:00 am Amex National Bank is 0.75%. Marcus is 0.85% or so.
Sad!
Last cycle Marcus was always ahead of Ally, and many other both in terms of first to raise, and also about 0.10% ahead. We'll see in this cycle, but at least in the first lap of the race, they are clearly behind.
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