Ally Bank Raises Rates

Ally Bank Raises Rates

Hmmm. Just when you thought bank rates had nowhere to go but down, Ally Bank came along and increased their savings rate from 0.89% to 0.95% earlier this week.

This isn’t a huge change by any stretch of the imagination, but at least it wasn’t another in a long line of decreases. Does this signal a sea change in interest rates? Doubtful. Especially since the Federal Reserve has recently re-affirmed their commitment to keeping interest rates low.

Remember when you could make a fat 5%-6% with an online savings account? Yeah, me too. Good times…

3 Responses to “Ally Bank Raises Rates”

  1. Anonymous

    I think bank rates have nowhere to go but up. Rates have been awfully low, for an awfully long time. Ally strives to be near the top with their rates, plus no fees, no minimums, etc — I like Ally because I don’t have to worry that they will screw me with some fine print fees.

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