Sunday, September 8, 2019
Last year I opened an Ally Savings account because the rates were higher and rising fast. I had not problems with the account and it was easy to open. Recently Ally has dropped its rates down to 1.90%. My old trusty My Savings Direct ("MSD") account has, thus far, remained at 2.4% so I moved all of my savings back over there. I earn over $25 a month in interest at MSD.
Marcus was another savings account that I looked at last year and it is offering 2.0% on savings accounts.
I'm sure that MSD will eventually drop its rates along with all of the other banks. I am keeping my Ally account open as an alternative and I will move money between the 2 accounts depending on which is offering a higher rate. FYI- I don't plan to go back and forth over a 0.1 of an interest rate. Only if there are bigger and sustained differences. I waited until there was a half a percentage difference until I switched back to MSD.
What online savings accounts to you use?