Savings/MM/CD Interest Rates

**RewardHop** · Jan 28, 13, 8:54 pm

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"?

**cashback** · Jan 28, 13, 8:55 pm

All banks are doing this. Interest rates have been dropping for a while now, on all products.

**Gamma** · Jan 28, 13, 9:16 pm

Discover bank interest rate have dropped bad from 1% to .8% within last year.

**Bksuper** · Jan 28, 13, 10:20 pm

Yes, other banks cut theirs again. Ally still is one of the top choices.

**RewardHop** · Jan 29, 13, 9:15 am

Originally Posted by Bksuper

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.

**Bksuper** · Jan 29, 13, 11:59 am

^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.

**FutureBillionaire** · Jan 29, 13, 2:05 pm

We can earn more interest by looking in our couch cushions for change.

**Bksuper** · Jan 29, 13, 3:25 pm

^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.

**RewardHop** · Jan 29, 13, 4:09 pm

Originally Posted by Bksuper

^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.

**bisbicos** · Jan 29, 13, 10:11 pm

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/

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