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Cash/CD's
Old 06-22-2011, 12:59 PM   #1
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Cash/CD's

Does anyone have accounts with Ally Bank or Ing bank? Their rates for short term cash seem higher but I wanted to check them out before openning an account.

I understand how low rates are for cash & CD's but I just want to make sure I am using the right institutions. Any suggestions will be welcomed.

Thanks,

Leon
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Old 06-22-2011, 01:17 PM   #2
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I have an account with Ing and I've been happy with it. Ing will soon be taken over by Capitol One. I plan to keep my account there until something changes that makes it undesireable.

Ing doesn't have necessarily the best the best interest rates for savings though.
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Old 06-22-2011, 01:20 PM   #3
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I use ING and short term rates are higher by a .10% or so (last I checked), But the rate isn't guaranteed for any length of time. Normally this wouldn't be the case.
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Old 06-22-2011, 02:39 PM   #4
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With Ally and pleased. Though I haven't tried to withdraw my funds yet
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Old 06-22-2011, 04:57 PM   #5
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Also take a look at Discover. I have an online savings account with them paying 1.2%
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Old 06-22-2011, 05:15 PM   #6
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I am opening an online savings account with Capital One tomorrow. Interest is 1.1% plus a 10% bonus each quarter (meaning 1.21%). I have been letting my cash sit in a MMA earning nothing for over a year waiting for interest rates to go up - stupid me. Anyway, I'm finding no fees or any other catches with the Cap One account - so until something better comes up, I'm moving forward.
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Old 06-22-2011, 05:15 PM   #7
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Quote:
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Also take a look at Discover. I have an online savings account with them paying 1.2%
Me, too. I haven't found anything better paying, short of a CD.
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Old 06-22-2011, 08:39 PM   #8
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I've got a CD with Ally. Good rates (everything is relative), no problems. With that <sarcasm>kick-a$$</sarcasm> 1.45% one year rate I'm going to be sorry when it matures in a couple of months.

Discover too. Same story. Good-ish rates and decent customer service.

I used to have a mortgage with ING, and found them to be a good company. However, Capital One bites and I would avoid ING for now until there's a better read on how they do after the takeover.
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Old 06-22-2011, 09:59 PM   #9
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Thanks for the quick responses....I will check out Discover and Capitol One as well. My situation is like Packmans, money sitting around in a MM paying nothing. You keep thinking rates will go up because they can't go lower and then the 10 year goes lower.....I remember the days when you could get 15-16% on CD's....

I would be comfortable locking the cash up for 6 months to a year. I don't think rates will be going up very quickly.
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Old 06-22-2011, 10:12 PM   #10
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fatwallet keeps up a list of the best CD rates available, and I think they might have a thread on savings accounts too.
Here's the CD one.
CD Thread, Post The Best Rates You Can Find Here!--Best Nationally Available Rates--
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Old 06-22-2011, 11:27 PM   #11
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well, I think the good ones are ING, Ally, Capital One, Discover. There are some other ones out there, but I think these are the big ones. Capital just bought ING so you might not want to open an account at both. Over all CD or MMA rates suck any any US bank.
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Old 06-23-2011, 04:53 AM   #12
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I just recently closed my account with ING now that Cap 1 is in the picture. I'm not a fan of the latter.
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Old 06-23-2011, 12:30 PM   #13
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I have had an online saving account with Ally for about 2.5 years. I had 2 CD's with them until I used them to help pay off my mortgage. Very satisfied with Ally, excellent customer service.

The online savings account is 1% or 1.1%. They have several different CD's but the best deal is their 5 year CD. The yield is 2.37% and after 2 months you can pull out. I forget exactly but around 6 months you are getting as good as if you held their shorter term CD's. You can sit in it getting a better yield than any other CD I'm aware of, tho I don't monitor this stuff just going by what Alan Roth has written about this CD, and can cash it in and get another if rates rise.

3 Best Places to Stash Your Cash - CBS MoneyWatch.com
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Old 06-23-2011, 12:37 PM   #14
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Have the online savings accounts changed their rates much in the last year or so? One concern that I have is that I open the account, they significantly reduce the rate, and I need to move the funds again.
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Old 06-23-2011, 01:27 PM   #15
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I opened my Discover savings account in Sept. of last year. The interest rate then was 1.4%. It is now 1.25%. That still is WAY better than the Vanguard MM account I took the $ out of.
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Old 06-23-2011, 01:35 PM   #16
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I use ING but since I am earning so little interest, I don't put much there at all.
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Old 06-23-2011, 01:36 PM   #17
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Quote:
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Have the online savings accounts changed their rates much in the last year or so? One concern that I have is that I open the account, they significantly reduce the rate, and I need to move the funds again.
Ally has was 1.5% maybe 6 months ago. I don't track it but it was higher and has dropped over the past 12+ months.
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Old 06-23-2011, 02:42 PM   #18
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I started with ING, kept some $$ there but a few years back migrated the rest over to Ally. No complaints about either's customer service. Ally pays a slightly higher rate, and like others I have a few 5-year CD's with them.
Maybe another bank has slightly higher interest, but at this point I won't chase those few extra dollars.
Incidentally, I routinely move $$ between my checking account and Ally and ING. Delay is about 2 business days, no big deal.
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