A read-only archive of the Product Notes community, 2018–2024. When you buy through links on this site, we may earn an affiliate commission.
It’s not 3%, but it might be worth noting that Ally Bank now offers a 2.20% APY for their Online Savings Account. I think this updated happened a couple of days ago.
Unlike robinhood, ally’s savings account is FDIC insured.
Personally, I’ve used Ally for my savings account for about two years. Originally I was hesitant about joining an online bank—I’ve been with BOA for as long as I can remember. But putting a couple grand in a savings account that gets 0.05% is a poor move.
After talking to a few co-workers about their finances, I began researching savings accounts on reddit, nerdwallet and other blogs. I can’t comment on their other products, but I’m a big fan of their savings account.
Figured this might make a good discussion on it’s own. So I’ve moved it to it’s own topic.
FWIW, I recently opened an Ally savings account. I don’t know enough to comment on it, but it seems fine. Like you said, it came highly recommended from friends. Oh and the high interest rate certainly helps!
Appreciate the comment!
Have to admit that I was pretty hyped when I saw this headline on the homepage. I didn’t realize the topic had been bumped.
I think a half percent is the best you’re going to do with interest rates so low. The fed said they aren’t going to raise rates this year, but the economy is heating up. I’d be surprised if they didn’t raise rates by fall.