Published on December 19th, 2019 | by Chuck110
Ally Lowers Savings Rate To 1.60% APY (Begins Tomorrow)
Update 12/19/19: Rate will be reduced to 1.6% APY tomorrow.
Update 11/13/19: Rate reduced to 1.70%.
Update: Rate reduced to 1.8% APY
Ally is sending out an email that their online savings account rate will be lowered to 1.90% beginning tomorrow, August 6th.
Starting 08/06/2019, your Online Savings Account will earn 1.90% Annual Percentage Yield (APY) on all balance tiers.
Your APY is more than 20x the national average — so you can rest assured that your money is working hard in your savings.
In June they lowered from 2.20% to 2.10%, and now down to 1.90%. Many banks are lowering their rates recently due to the recent fed rate drop. We’ll probably see more on this coming days, I’m just posting Ally separately since it’s a big step to drop under 2%, and because many of us use their savings account.
Far as we know, the Ally no-penalty CD rate will remain at 2.30%. We’ll see.
Hat tip to reader Avi