Ally has raised the rate on its savings account to 2.00%!!! I love Ally because they have consistently raised rates since I opened mine just a few months ago!
However, MySavingsDirect.com is currently offering 2.35% on its savings account! I have had MySavingsDirect account, a division of Emigrant Bank, for a few years now.
Both accounts are fine, but it did take MySavingDirect a while to raise its rates to compete with the other banks.
I still need to check out Marcus by Goldman Sachs, I heard they were a good too and had high rates. But, on the other hand, 2 savings accounts are probably enough.
I read a very sad and sobering story about a couple firmly entrenched in debt. It is a warning to us all to get our money under control. You can read it here.
That's good to hear. Higher savings rates are always better.
ReplyDeleteMarcus is good, currently 2.05%, but you're probably better sticking with the two accounts (Ally & MySavingsDirect) that you have now as they likely offer everything that Marcus does.
Good to hear about you being able to ditch PMI. Mortgage milestone (sub-200k) coming up soon! Keep it up!
I just wish the interest rates were closer to 4%, we will get back to those numbers at some point. Yes, I will probably just stick with the 2 saving accounts that I have, I don't want to over complicate things.
DeleteJust read the linked article about that couple in debt. Sad? I guess, but wow! I just feel that these are 2 entitled brats with zero emotional intelligence. They have student loans on their school aged kids to go to private school? Give me a break! My kids went to public school where a lot worse happened than getting punched. I was a very involved working mom and they did just fine. Ideal? No. But we couldn't afford private school. Now my youngest is on her last year of college. My oldest graduated this last spring. We paid for every bit of their college education and living expenses (outside of some small scholarships) and only took about $10K each in subsidized Fed Student loans that we pay off once they graduate because it is essentially an interest free loan. We buy from Goodwill, shop at Aldi, drive 2 older fully owned cars, save for retirement and always have put off wants in order to be able to afford needs. This couple kind of makes me sick, knowing all that we sacrificed in order to make all of this happen. Their story really struck an angry nerve in me.
ReplyDeleteIt definitely was a thought provoking story. A great window into the financial stories of those around us. I can imagine that there are a lot of people like the people in the article around us every day.
DeleteThat family makes $170K a year (not including the bartending job) and they are that broke? Reading the article, they have a serious spending problem with a lot of entitlement going on. Until they draw a line in the sand, sadly I don't think they will ever get out of debt. As someone who is currently digging out from under my own debt, the best lesson is to own it. Having mom/dad or bankruptcy will teach them nothing.
ReplyDeleteThat story was definitely shocking. They have a good income, so it's hard to believe that they could be broke. I appreciated the honesty in the story. We all have made bad financial decisions over time, they seem to have difficulty coming to terms with their bad decisons. Hopefully they are able to pull it together.
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