Tuesday, January 22, 2019

First Ally Bank Interest Payment

I opened up an Ally Bank account less than a month ago, and I've already got an interest payment. I got $0.56 in my savings account with Ally. To compare, I have a LOT more money in savings in my regular big bank, and I got $0.07 in interest after THREE MONTHS

Yes, savings accounts aren't meant to be forms of investments. But if my money is going to sit, I might as well get some of the interest instead of the big bankers and their million dollar bonuses. I have around $500 in Ally, so - 

  • $500 x 0.02 (2%) = $10 per year
  • $10/12 months = ~$0.83/month
  • I got $0.56, but again, I didn't have the account open for a full month yet. 

Ally recently said their savings account interest is going from 2.00% to 2.20%. It's nice to know there are other options out there besides the big banks. I've never really been "wronged" by my current bank, but I'll personally never bank with Wells Fargo again after they wouldn't help me with my mortgage situation a while back. 

Ally is great so far. 

Signed,

Mitch

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