Ally raises savings APY to 1.15%

I'm eagerly waiting - just sent off paperwork and information to an escrow company for payoff on one of our loans. Currently pointing it at a Discover account at 1.15% and may move most of it to Ally 1.5% no penalty CDs, but the interest rate between what we've been getting and 1.5% is very noticeable. Kinda want to hit an investing milestone by sticking 60 in the market, but the gal is not feeling it right now.. C'mon special dealios!
 
The Fed Funds rate is currently 1.25%. So perhaps it's reasonable to expect that high yield savings accounts will be tracking close to that.

The Fed is expected to rate rates to 1.50% in Dec, so perhaps by the end of the year we'll be seeing around that rate in these accounts.
 
Barclays Online Savings is paying 1.30% and has usually been a little higher than American Express. I've had money there for about 2 years with no complaints, but haven't seen it mentioned here. Comments?
 
lucky penny said:
Barclays Online Savings is paying 1.30% and has usually been a little higher than American Express. I've had money there for about 2 years with no complaints, but haven't seen it mentioned here. Comments?
Click to expand...

been a few years, but I found Barclay a big PITA to get money from - I remember issues with no ACH transfers/no wires?
 
Synchrony Bank at 1.3% for savings and Ally’s 1.5% no penalty CDs seem to be the best for my needs.
 
lucky penny said:
Barclays Online Savings is paying 1.30% and has usually been a little higher than American Express. I've had money there for about 2 years with no complaints, but haven't seen it mentioned here. Comments?
Click to expand...

I also have money at Synchrony. They are paying 1.3%. They are usually the highest of the group I have.
 
<<been a few years, but I found Barclay a big PITA to get money from - I remember issues with no ACH transfers/no wires?>>

Hmm, come to think of it, I'm not sure whether I ever tried to make a withdrawal. So I just went online to my Barclays account and set up a transfer of a small amount to my checking account at another bank. Looks like it will happen within 24 hours.
 
lucky penny said:
So I just went online to my Barclays account and set up a transfer of a small amount to my checking account at another bank. Looks like it will happen within 24 hours.
Click to expand...

Doubtful IMHO.
More likely they will initiate the transfer on Monday, the next business day.
Check in when the money actually hits your other bank account. Depending on the bank, it may not be immediately available there, but just tracking the time from when you make the transfer request to when it hits the other bank will give you a good feeling for how efficient it is.

When I make transfers to/from an online savings account, the actual total time involved is typically 5-6 business days. Occasionally less, but generally in that range.
 
American Express FSB is the quickest in terms of doing the transfers compared to my other high yield savings accounts. Often it is shown as available the second business day after the scheduled transfer. Sometimes the third. This 2 or three days seems to depend on the receiving account.

Similarly received transfers are credited super quickly - usually by the second business day.
 
I have noticed these days that almost all my ACH transfers the money is at the receiving bank the next day. According to my old notes, some of them used to take 3 days, but now it's 1 day.
 
Barclays savings account changed their rate from 1.20% to 1.30%
 
braumeister said:
My Discover Bank account is now 1.25%
Click to expand...

Weird! I opened my account last week and it was 1.15% at that time. I logged on today and it was 1.20%. After seeing your post I checked and it was still 1.20%. Maybe there are higher rates for higher balances?
 
To follow up on my earlier email about online transfers from my Barclays savings account, the transfer I initiated on Saturday, Oct 7 showed up in my checking account 2 business days later, Oct. 11. (Oct 9 was a holiday.)

As someone mentioned, Barclays just raised its rate to 1.30%.
 
A Bird In Hand said:
Weird! I opened my account last week and it was 1.15% at that time. I logged on today and it was 1.20%. After seeing your post I checked and it was still 1.20%. Maybe there are higher rates for higher balances?
Click to expand...

I opened my Discover account seven years ago as a member of AAII. That has always given me .05% above the published rate. AFAIK, AAII members can still open that type account.
 
braumeister said:
I opened my Discover account seven years ago as a member of AAII. That has always given me .05% above the published rate. AFAIK, AAII members can still open that type account.
Click to expand...

Gotcha -- makes sense. Too late for me since my account is already open, but I can live with the 0.05% delta.
 
OK - looks like Ally finally got up to 1.25% on their high yield savings account.

Must have just happened because my 10/15 statement still says 1.20%
 
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