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SmartyPig is ending the week by not only raising the rate on its SmartyPig Savings account (1.12% APY, $50k+), but by also restructuring its rate tiers.
For those not familiar with SmartyPig, it’s not your typical savings account. SmartyPig Savings is built around a savings goal concept: you set the amount of a savings goal you want to reach at some...
Deal Summary: Online Savings Account, 1.05% APY, No minimum balance
This morning, Ally Bank increased the rate of its Online Savings Account by 5 bps. The new rate is now 1.05% APY. This also applies to the IRA Online Savings Account. The 1.05% APY applies to all balances. The account has no monthly maintenance fees and no minimum balance requirement.
Last month’s Fed rate hike appears to be having some effect. On Monday, Ally increased its 5-year CD rate to a level not seen since 2011,...
Deal Summary: 60-month CD, 2.25% APY, No minimum deposit
Today, Ally Bank increased the rate of its 5-year High Yield CD by 25 bps. The new rate is now 2.25% APY, with no minimum deposit. This change also applies to Ally’s 5-year IRA CD.
This new 5-year CD rate is the highest at Ally since August 2011. It’s a positive sign that we may actually be at the start of a rising interest rate environment.
Ally’s 5-year CD has gone through a few rate and tier...
On Monday, iGObanking raised the rates on its 36-month iGOCD (1.90% APY) and 24-month iGOCD (1.60% APY). The minimum opening deposit is $1k, with no stated balance cap.
24 hours later, iGObanking’s parent company, Flushing Bank, followed suit and matched those rates on its 36- and 24-month CDs.
iGObanking rate increases are always dramatic and this week’s rate hikes are no exception: 155 and 145 basis points for the...
Last week’s release of the minutes of the Fed’s April meeting indicates a decent chance of a rate hike at the next Fed meeting on June 14-15. This is how economist Tim Duy summed up the minutes in his Fed Watch blog:
In addition to the minutes, comments from Fed officials have been suggesting that a rate hike is definitely on the table in June. However, Tim Duy still thinks there’s a better chance of the Fed postponing the rate hike until July or September.
Changes in both Treasury yields and Fed...
Today’s inflation report increases the chance that we’ll see a Fed rate hike in June. The Labor Department reported that the CPI increased 0.4% in April, above expectations of 0.3%. The core CPI, which excludes energy and food, increased 0.2% which was inline with expectations. The increased chance of a June Fed rate hike doesn’t mean that it’s a good chance. It’s still low. According to this Wall Street Journal article:
On Wednesday the Fed will be releasing the minutes of last month’s FOMC meeting. That may provide hints of what...