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  1. #1
    Centurion Member
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    Default Savings/MM/CD Interest Rates

    Have savings/money market/cd interest rates been dropping recently?
    I noticed Ally Bank just dropped Savings/Money Market rates from 0.95% to 0.90%. They also had dropped their various CD rates some 0.05% to 0.1%.

    Are others banks doing the same? or is Ally "cutting its loses"/"increasing its profits"?

    Amex BCE: 3% grocery, 2% gas
    Bank of America Better Balance Rewards MC: $25/quarter bonus
    Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
    Capital One Quicksilver Visa Signature: 1.5% everything
    Chase Freedom Visa Signature: 5% rotating
    Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
    US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
    Chase Amazon Visa: 3% amazon.com (unused)
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  2. #2
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    Default

    All banks are doing this. Interest rates have been dropping for a while now, on all products.
    Credit Cards
    Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

    Not Used
    Citi Simplicity - 5K, Sam's Club Discover - 10K

    Future Cards
    Sallie Mae World Mastercard

    FICOs
    Exp 772 - TU 781 - Equ 781
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  3. #3
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    Discover bank interest rate have dropped bad from 1% to .8% within last year.
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  4. Centurion Member
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    Default

    Yes, other banks cut theirs again. Ally still is one of the top choices.
    Sole Ownership Cards:
    1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
    Citi Forward Student Visa, $6k CL, Open Since 10/2012
    Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
    SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
    Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
    Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
    US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
    Authorized User (Parents Pay/Use)
    Costco TrueEarnings Amex $29.4k CL, AU since 11/2012
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  5. #5
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    Quote Originally Posted by Bksuper View Post
    Yes, other banks cut theirs again. Ally still is one of the top choices.
    I started moving my Savings/Money Market over to Barclays Online Bank (https://www.banking.barclaysus.com/index.html)
    1% APY on their Savings, FDIC insured. Its run by Barclays Bank Delaware.

    Amex BCE: 3% grocery, 2% gas
    Bank of America Better Balance Rewards MC: $25/quarter bonus
    Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
    Capital One Quicksilver Visa Signature: 1.5% everything
    Chase Freedom Visa Signature: 5% rotating
    Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
    US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
    Chase Amazon Visa: 3% amazon.com (unused)
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  6. #6
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    ^Yes, Barclay has a marginally better rate on Savings (at this time, it seems to be elastic), but not on checking and having it linked provides immediate transfers as opposed to 2-3 business days, overdraft protection, and convenience of having it in one place. The difference in rate on savings is much smaller than the difference in rate on checking, where ally is the better deal.
    Sole Ownership Cards:
    1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
    Citi Forward Student Visa, $6k CL, Open Since 10/2012
    Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
    SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
    Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
    Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
    US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
    Authorized User (Parents Pay/Use)
    Costco TrueEarnings Amex $29.4k CL, AU since 11/2012
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  7. #7
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    We can earn more interest by looking in our couch cushions for change.
    Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
    Plane tickets: CSP
    Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
    Clothes: Express, Amex BCP, Discover IT
    Amazon: Citi Forward, Cash +
    Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
    Hotels and other travel: Discover Escape, CSP
    Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
    Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
    Balance transfers: Kroger 123 rewards
    Bill Pay: Chase Ink Plus, Citi Forward
    Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
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  8. Centurion Member
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    Default

    ^Depends on the amount of balance you have. Personally, I hope interest rates remain low for awhile, because I want to get in at a 2.5-3% fixed rate mortgage when I buy a house, which I hope to do in about 5 years.
    Sole Ownership Cards:
    1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
    Citi Forward Student Visa, $6k CL, Open Since 10/2012
    Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
    SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
    Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
    Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
    US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
    Authorized User (Parents Pay/Use)
    Costco TrueEarnings Amex $29.4k CL, AU since 11/2012
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  9. #9
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    Quote Originally Posted by Bksuper View Post
    ^Yes, Barclay has a marginally better rate on Savings (at this time, it seems to be elastic), but not on checking and having it linked provides immediate transfers as opposed to 2-3 business days, overdraft protection, and convenience of having it in one place. The difference in rate on savings is much smaller than the difference in rate on checking, where ally is the better deal.
    This is true. I literally just park money in my savings or money market account and never really touch it. I am saving up to buy a house in a few years. So it's not much of a hassle for me. I have Ally setup to be able to direct transfer in/out of the Barclays account so it's super simple.

    Amex BCE: 3% grocery, 2% gas
    Bank of America Better Balance Rewards MC: $25/quarter bonus
    Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
    Capital One Quicksilver Visa Signature: 1.5% everything
    Chase Freedom Visa Signature: 5% rotating
    Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
    US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
    Chase Amazon Visa: 3% amazon.com (unused)
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  10. #10
    Centurion Member bisbicos's Avatar
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    Default

    Tiaa-direct just lowered their apy from 1.24% to 1% Im doing the same thing as you rewardhop, putting money away for a house. I try to maximize my interest the same way I try to maximize. My credit rewards

    check out http://www.depositaccounts.com/savings/
    Credit Cards
    American Express: Fidelity Rewards (2% cash back) 9.5k
    Zync NPSL
    Discover: Discover More (5% rotating categories) 7.5k
    Mastercard: Chase Freedom (5% rotating categories) 3.1k
    Visa: Citi Forward (5x pts on restaurants) 13.8k
    Citi Dividend (5% rotating categories) 5.6k
    Capital One Journey (1.25% cash back) 1.25k
    BofA AAA (5% on gas) 2.5k
    PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

    Future Cards
    US Bank Cash +
    Chase Ink
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