Ally Rate Drop

Ally as of today cut savings account to 1.11%--one day after cutting to 1.14% (from 1.19%).

A penny saved soon may no longer be a penny earned.

and now...1.10%

...and cut on Friday, 11/19/2010, to 1.09%.

Ally started this week at 1.19%. Then 1.14%. Then 1.11%. Then 1.10%. Then 1.09%. All in one week.

Time to move money out of Ally.

Ally is rapidly losing its usefulness as a savings account. I will keep it around as a hub account (I opened the interest checking, which is an excellent hub because not only does it allow 20 ACH links, but it has unlimited transfers!) but I have pretty much drained my balance there and I don't expect to keep anything substantial there in the future.

Noted on the banner ad Ally dropped savings and mm rates to 1.06/1.07% APY.

Happy Presidents Day all.

Ally as of Feb. 22 cut its savings and money-market-account rates to 1.05% APY, second cut this week.

Ally is getting less interesting by the day.

Wonder how long till Ally "breaks a buck" (adding a new definition to an old phrase from money market mutual fund land): That is, when Ally will slump below 1% on its misleadingly promoted "high yield" savings.