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!
@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.
@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.
@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!