Monday, March 11, 2013 - 2:42 PM

Ally Bank Cuts Savings Account Rate To 0.84%

Effective today (3/11/2013) Ally Bank cut its Online Savings and Money Market Account rate from 0.90% to 0.84%.

I just noticed Bankrate's MMA listing, and a 0.90% APY (and even a 0.85% APY) would have been #5 on the list which may help explain the rate cut.

Below is the history of Ally's rate changes over the last year:

3/11/2013    0.84%
1/25/2013    0.90%
8/31/2012    0.95%
7/21/2012    0.89%
1/13/2012    0.84%

KenBDG5,133 posts since
Nov 29, 2009
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1. Monday, March 11, 2013 - 5:08 PM

But a bank, like Barclays, can illegally manipulate Libor rates and still offer 1.00% APY on their savings account. Go figure.
BBC News - Timeline: Libor-fixing scandal

Shorebreak1,280 posts since
Apr 6, 2010
Rep Points: 4,777