Re: Ally Bank Interest Increase

shoekitty · ‎03-10-2010

This is a good thing for us. For a while I told the bank it was getting to where we had to pay the banks to keep our momey there. I remember the days when my mom lived off her interest.

“sometimes you have to bite your upper lip and put sunglasses on”….Bob Dylan

froggy · ‎03-10-2010

If you don't want to tie up your money in a CD Synchrony Bank has a high yield savings account at 1.75% right now. They allow six transactions per month.

kivah · ‎03-11-2010

@millieshops

I like to tie up my money for 2 to 4 years with Ally Bank -- to be sure my money is safe and I don't spend it. I also have a checking acct. with a local bank - and a money market acct. with a credit union.

Trinity11 · ‎11-16-2014

@froggy wrote:
If you don't want to tie up your money in a CD Synchrony Bank has a high yield savings account at 1.75% right now. They allow six transactions per month.

My issue with changing banks because of a higher interest rate is exactly how long will the interest rate stay the same? I moved money into TD bank and then the next month they changed the rate with no warning. It is like a game of musical chairs with these banks. So far no one has guaranteed a specific rate for any length of time.

millieshops · ‎03-09-2010

@froggyI think that number is the federally allowed number of electronic transactions. Every bank I've ever used or researched allows the same 6!

itsmetoo · ‎03-10-2010

@FrostyBabe1 wrote:
January 2018 was the WORST month for muni's since 1981. While it's true that bonds are technically thought to be safer than stocks, the muni market, according to this article, remains "murky". Municipal entities can and do default on their debt, just like private companies.

https://www.cnbc.com/2018/02/28/are-muni-bonds-still-a-safe-investment-bet.html

DON'T take or believe investment advice from strangers on a message board. Talk to a professional. I worked at the management level in institutional investing, and I would never, ever give advice in a forum like this. Ever. It's foolish, and if you don't have the appropriate registrations with the SEC, it's illegal.

This is so true. Plus you are usually tied into a longer term and if you want to sell your muni before it matures (if interest rates continue to rise as predicted) then your bond will be worth less when you try to sell it.

CelticCrafter · ‎03-09-2010

@itsmetoo wrote:
@FrostyBabe1 wrote:
January 2018 was the WORST month for muni's since 1981. While it's true that bonds are technically thought to be safer than stocks, the muni market, according to this article, remains "murky". Municipal entities can and do default on their debt, just like private companies.

https://www.cnbc.com/2018/02/28/are-muni-bonds-still-a-safe-investment-bet.html

DON'T take or believe investment advice from strangers on a message board. Talk to a professional. I worked at the management level in institutional investing, and I would never, ever give advice in a forum like this. Ever. It's foolish, and if you don't have the appropriate registrations with the SEC, it's illegal.
This is so true. Plus you are usually tied into a longer term and if you want to sell your muni before it matures (if interest rates continue to rise as predicted) then your bond will be worth less when you try to sell it.

We have quite a few but have made the decision not to buy anymore. They go out too far now.

froggy · ‎03-10-2010

@millieshops wrote:
@froggyI think that number is the federally allowed number of electronic transactions. Every bank I've ever used or researched allows the same 6!

@millieshops

I didn't know that. I only mentioned it because it is a savings account and didn't want folks to think they could use it as an everyday checking account. Personally I rarely make transactions in my savings account.

Mothertrucker · ‎01-30-2015

@Snowpuppy wrote:
8 cities and 28 municipal entities (utilities, public hospitals) have filed for bankruptcy since 2010.

Ally bank was rebranded from GMAC Financial after GM filed for bankruptcy.

Just sayin'.

But Ally is no longer GM's captive lender.. GM Financial is, And as a comemercial truck salesperson, I can tell you that Ally's interest rates for vehicle loans have gone up 3 times over the past year, so good that they are passing it along to savers...