Dedicated to Deposits: Deals, Data, and Discussion

Ally Bank Raises Rates of Its Online Savings Account and 12-month CD - Available Nationwide

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Ally Bank
After many Fridays reporting of Ally Bank rate cuts, I'm happy to report of some rate hikes at Ally Bank. The rate hikes are small, but they're a nice change. The online savings account rate was increased from 1.75% to 1.80% APY. Also, the 12-month CD rate was increased from 2.00% to 2.05% APY.

One new CD feature that Ally Bank recently added is their Ten Day Rate Guarantee. Here's how Ally Bank describes this:
When you fund your CD within ten days of opening your Ally account, you automatically get the best rate we offer during that time period.

So if you had opened the 12-month CD in the last 10 days, you should be able to get the 2.05% APY. When I contacted an Ally Bank CSR, I was told that their system will automatically give you the higher rate.

For more information on Ally Bank and the savings accounts and CDs, please refer to this post. Ally Bank deposit accounts are FDIC insured (FDIC Certificate # 57803).

Other Competitive Certificate of Deposit Rates

  Tags: Ally Bank, CD rates, savings account

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Comments
5 Comments.
Comment #1 by Perkgetter (anonymous) posted on
Perkgetter
Many people seem to use Ally as an ACH transfer hub between non-Ally bank accounts. I understand that banks generally don't like people to do this, and some banks have closed accounts for customers doing this. I'm considering opening an Ally account for this purpose as it seems that they actually don't seem to mind. Is this a correct assessment?

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Comment #2 by Anonymous posted on
Anonymous
Curious if Ally's ACH (incoming & outgoing) is effective next day, 3 day or longer. I was using Provident Direct but now their outgoing limit is 2K per day.

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Comment #3 by Anonymous posted on
Anonymous
they've never seemed to mind my use of their ACH system as a hub (past results are no prediction of future performance).

Outgoing ACH pushes are effective same day; incoming are set a day beforehand and are executed that day (i.e., set today 10/1 for 10/2, incoming $$ posted 10/2). You earn interest immediately, but the ## is not available until it leaves the other institution - generally 1-3 days (double interest).

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Comment #4 by Anonymous posted on
Anonymous
It does take about a week for $$$ transferred in to be "available". So I keep $100K balance so I can perform a simultaneous transfer (in from one account and out to another) without having to wait a week. Daily transfer limit is $100K.

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Comment #5 by Anonymous posted on
Anonymous
Savings account's rate is down to 1.7% and money market is down to 1.65%

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