Ally increased the rate on their online savings account from 2.00% to 2.20% today. (Direct Link) This is by no means the best savings rate, but it’s nearer the top now. Existing customers are not yet seeing the rate increase, that’ll probably/hopefully happen overnight.
A lot us still have funds with Ally from the Ally Payback 1% bonus offer. The rate increase may be an effort to keep customers from moving their money out – check out various options we wrote about in this post.
The 11-month no-penalty CD rate remains at 2.30%, though I’d expect that to go up soon as well. We’ve updated our list of Best High-Yield Savings Accounts with the change.
Hat tip to readers Sheng and Ben
