Savings/MM/CD Interest Rates

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RewardHop
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Savings/MM/CD Interest Rates

Postby RewardHop » Mon Jan 28, 2013 10:54 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"?
[size=60]
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
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]


cashback
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Postby cashback » Mon Jan 28, 2013 10:55 pm

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

Gamma
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Postby Gamma » Mon Jan 28, 2013 11:16 pm

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


Bksuper
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Postby Bksuper » Tue Jan 29, 2013 12:20 am

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

RewardHop
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Postby RewardHop » Tue Jan 29, 2013 11:15 am

Bksuper wrote: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.
[size=60]

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

Discover It: 5% rotating

SallieMae MC: 5% Groceries, Gas, Amazon

US Bank Cash+ Visa Signature: 5% electronic stores, restaurants

Sock Drawered: Chase Sapphire, Chase Amazon[/size]

Bksuper
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Posts: 257
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Location: California

Postby Bksuper » Tue Jan 29, 2013 1:59 pm

^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

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Tue Jan 29, 2013 4:05 pm

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


Bksuper
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Postby Bksuper » Tue Jan 29, 2013 5:25 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.
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

RewardHop
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Posts: 307
Joined: Wed Jan 02, 2013 3:43 pm
Location: USA

Postby RewardHop » Tue Jan 29, 2013 6:09 pm

Bksuper wrote:^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.
[size=60]

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

Discover It: 5% rotating

SallieMae MC: 5% Groceries, Gas, Amazon

US Bank Cash+ Visa Signature: 5% electronic stores, restaurants

Sock Drawered: Chase Sapphire, Chase Amazon[/size]

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bisbicos
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Postby bisbicos » Wed Jan 30, 2013 12:11 am

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) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
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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