Sunday, February 24, 2019

Ally Bank - Savings Account Interest Update

I recently got paid a monthly interest payment from Ally Bank. I got paid $0.97 on a savings balance of $525.56. Getting paid $0.97 from one month of interest on a low amount of savings is awesome. That's more than what I usually get from my regular savings after 3 years.

I'm curious to see what my actual interest rate was, because I think it was over the past month that Ally increased the savings % from 2.00% to 2.20%.

To figure out the interest rate -


  • $0.97/month * 12 months = $11.64
  • $11.64 / $525.56 = 2.21%
So I received the 2.20% interest rate this past month. The 2.21% from my calculation could be from that the $0.97 I received was rounded up. 

Regardless, I'm making a lot more interest from the Ally Savings account than from my normal big bank. Yes, savings account aren't really meant to be investment accounts. Like I've said before, if my money is just going to sit, I might as well make some money off of it. 

Thanks for reading. 

Signed,

Mitch



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