topic Re: Better Savings? Moving away from Ally in Personal Finance

Better Savings? Moving away from Ally

ZehTy — Fri, 15 Jan 2021 19:34:18 GMT

Hey all,

I have had my savings account with Ally for quite awhile now. It's pretty simple with no frills and grows ever so slightly with the now, 0.50% rate.

I was wondering if it's still ideal to park my savings with Ally or move it to somewhere else that can yield better results or even create a relationship with a CU/Bank that has some must have products like CC's or Auto Loan rates in the future. My banking relationships are currently in my signature to give a better idea of who I have currently.

I was thinking PenFed but are there others out there that can beat an 0.50% rate? I know some offer like a high percentage on the first X amount of dollars but is that worth it overall? Thanks!

Re: Better Savings? Moving away from Ally

AllZero — Fri, 15 Jan 2021 19:37:59 GMT

CU's to join for Savings Rate now and possible Credit Products later!

Re: Better Savings? Moving away from Ally

ZehTy — Fri, 15 Jan 2021 19:43:21 GMT

@AllZero wrote:
CU's to join for Savings Rate now and possible Credit Products later!

I have seen this posted before but, I am not really sure what to make of it. I keep about $10k+ In savings for emergencies and general saving towards a larger need/want so, I'm not entirely sure what rate at those intervals would best benefit me.

I look at that list and can't really deduce what would be the best to go with.

Re: Better Savings? Moving away from Ally

AllZero — Fri, 15 Jan 2021 19:54:21 GMT

Here's another list.

https://www.doctorofcredit.com/high-interest-savings-to-get/

Re: Better Savings? Moving away from Ally

sccredit — Fri, 15 Jan 2021 19:59:09 GMT

We moved to CIT in 2019 because of their 2.2% rate. Right now I think it is at .65% for our account. I don't see nay rates that would compel me to make a move right now. Yes, I could potentially increase interest to 1% but savings rates just plain suck so we'll sit on the side for now.

Re: Better Savings? Moving away from Ally

B_A_R — Fri, 15 Jan 2021 20:03:11 GMT

1% at T-Mobile Money. 4% on first 3k if you're a T-Mobile customer.

Re: Better Savings? Moving away from Ally

ZehTy — Fri, 15 Jan 2021 20:14:20 GMT

@B_A_R wrote:
1% at T-Mobile Money. 4% on first 3k if you're a T-Mobile customer.

We are T-Mobile customers and it really does look like that's the strongest offer, numbers-wise. Doesn't come with building a relationship with a CU or anything however. Not sure if it truly matters at this point or not?!

The DoC review says the maximum amount of money is $3k in the account, unless I misread that.

Re: Better Savings? Moving away from Ally

B_A_R — Fri, 15 Jan 2021 21:19:42 GMT

@ZehTy wrote:
@B_A_R wrote:
1% at T-Mobile Money. 4% on first 3k if you're a T-Mobile customer.
We are T-Mobile customers and it really does look like that's the strongest offer, numbers-wise. Doesn't come with building a relationship with a CU or anything however. Not sure if it truly matters at this point or not?!

The DoC review says the maximum amount of money is $3k in the account, unless I misread that.

3k Max at 4% and 1% for anything over 3k.

Re: Better Savings? Moving away from Ally

CBartowski — Sat, 16 Jan 2021 14:11:59 GMT

I just went through this quandry as well. .5% is obviously garbage but it seems to be the average right now for "high interest". I had a lot of mine with PenFed because they had the highest, now I moved to my already existing MM with NFCU which is offering the same rate just simply because I like their service better. I can't speak to Ally.

However, I will say, ask yourself whether another .1% is worth opening a new account. Maybe find other means, CDs, investing, etc and wait for the rates to increase again.

Good Luck!

Re: Better Savings? Moving away from Ally

ZehTy — Sat, 16 Jan 2021 14:26:17 GMT

@CBartowski wrote:
I just went through this quandry as well. .5% is obviously garbage but it seems to be the average right now for "high interest". I had a lot of mine with PenFed because they had the highest, now I moved to my already existing MM with NFCU which is offering the same rate just simply because I like their service better. I can't speak to Ally.

However, I will say, ask yourself whether another .1% is worth opening a new account. Maybe find other means, CDs, investing, etc and wait for the rates to increase again.

Good Luck!

What you say does make sense. I just felt like branching out to another CU would help open other doors but in the end, it would take a lot of work to micro manage all these accounts to get these yields and meet the requirements. Currently, Ally is at .50% and the amount Navy would offer to me would be .45%. The difference so microscopic, you won't even notice it. I just want my money to grow and do something with itself but there doesn't seem to be much options unless I invest and I have not the slightest clue where to start with that!

Re: Better Savings? Moving away from Ally

CBartowski — Sat, 16 Jan 2021 17:11:54 GMT

@ZehTy wrote:
@CBartowski wrote:
I just went through this quandry as well. .5% is obviously garbage but it seems to be the average right now for "high interest". I had a lot of mine with PenFed because they had the highest, now I moved to my already existing MM with NFCU which is offering the same rate just simply because I like their service better. I can't speak to Ally.

However, I will say, ask yourself whether another .1% is worth opening a new account. Maybe find other means, CDs, investing, etc and wait for the rates to increase again.

Good Luck!
What you say does make sense. I just felt like branching out to another CU would help open other doors but in the end, it would take a lot of work to micro manage all these accounts to get these yields and meet the requirements. Currently, Ally is at .50% and the amount Navy would offer to me would be .45%. The difference so microscopic, you won't even notice it. I just want my money to grow and do something with itself but there doesn't seem to be much options unless I invest and I have not the slightest clue where to start with that!

I totally get that! Sometimes I just feel stagnent and want a change.

With investing, I've had a lot of friends want to get into it this year and its a personal hobby of mine. For them, and maybe you, I recommended they check out either nothing more than index funds or whats called "robo advisors" where you literally just answer questions about your timeline, purpose for investing and how much risk you want to take and they invest it all for you. Its pretty hands off.

I wont bore you with more of that talk but if you have interest in that topic I am FAR from the only one on here that could help. Everyone has opinions though too ha!

Re: Better Savings? Moving away from Ally

TGG_1976 — Sun, 17 Jan 2021 16:16:23 GMT

I keep Ally for exactly that. I have a savings account with them that holds my emergency fund. I also have an investment account with them, where I invest my "play money" (I use eTrade for the more serious things). At the end of the day, it's all the same. Interest rates are almost all the same right now, so unless you have an amount in the 7-digit range, it won't make any difference at all where you keep your money. Most investment accounts/ platforms are the same too. Chase, eTrade, Ally ... they are all similar. What matters is really in the current COVID situation that you just keep doing what you are doing (save and/or invest). Right now, everything is stagnating and the stock market is super volatile.