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Ally drops savings account rate to 2.10%
Old 06-26-2019, 08:36 AM   #1
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Ally drops savings account rate to 2.10%

Just noticed this morning that Ally dropped savings rate .10% to 2.10%. Are other institutions dropping rates?
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Old 06-26-2019, 09:03 AM   #2
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On our existing accounts East Boston Savings Bank is down from 2.5 APY to 2.37 interest rate. CIT is at 2.37 as well and claims it made 2.4 APY last interest period - thought it was making 2.5 like EBSB a few months ago. Makes me feel smart getting some 30 month CDs from Columbia CU and dumb getting other CDs that will mature before the end of the year. Vanguard's sweep account is also drifting down.
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Old 06-26-2019, 09:12 AM   #3
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Old 06-26-2019, 02:02 PM   #4
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Originally Posted by jpz62 View Post
Just noticed this morning that Ally dropped savings rate .10% to 2.10%. Are other institutions dropping rates?
I don't know how long it will still be available, but Northern Bank Direct has a 2.5% MM fund with rates guaranteed through 12/31/2019: https://www.northernbankdirect.com/. I've been moving non-CD money here as I doubt others will hike.
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Old 06-26-2019, 02:15 PM   #5
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I don't know how long it will still be available, but Northern Bank Direct has a 2.5% MM fund with rates guaranteed through 12/31/2019: https://www.northernbankdirect.com/. I've been moving non-CD money here as I doubt others will hike.
Thanks!!
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Old 06-26-2019, 02:17 PM   #6
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IMHO anybody who has significant dollars invested in short term mm accounts may be disappointed in the foreseeable future. Personally I'm still grabbing all the intermediate term CD's, bonds etc that I can get my hands on. Those lousy 3.65% CD's that many were slamming a few months ago look pretty good now.
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Old 06-26-2019, 02:18 PM   #7
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Originally Posted by jpz62 View Post
Just noticed this morning that Ally dropped savings rate .10% to 2.10%. Are other institutions dropping rates?
I use Vanguard Prime Money Market Fund Admiral Shares (VMRXX) currently
2.42%
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Old 06-27-2019, 09:31 AM   #8
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I use Vanguard Prime Money Market Fund Admiral Shares (VMRXX) currently

2.42%

With a min investment of 5 mil?

My portfolio would have to be significantly larger to have that big of an allocation to a MM fund.

On the other hand, the more expensive version of that fund yields 2.35%. Thatís the one I use.
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Old 07-09-2019, 06:47 PM   #9
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I'm using Federated's PCOXX. Around 2.38%. $50 minimum deposit. No 12b-1 fees.
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