Monday, March 25, 2019

Ally Bank - Inaccurate Yield???

I received another interest payment from my Ally bank, but I don't believe I got the 2.20% savings yield that I was supposed to. Here's the math -

  • Previous balance - $526.53
  • Interest Rate I should have received - 2.20% 
  • $526.53 * 2.20% = $11.584
  • $11.584 / 12 months = $1.053
I think I should have received $1.05 this past month, but I actually received $0.88. Now, 88 cents is still wayyyyy more than the interest I receive from my big bank savings rate, but I'm still a little confused. Am I doing my math wrong? 

I think I received a 2.00% interest rate 
  • Previous balance - $526.53
  • Interest Rate I think I received - 2.00%
  • $526.53 * 2.00% = $10.531
  • $10.531 / 12 months = $0.878 or $0.88 cents
So I'm going to e-mail Ally and see if I missed something, or didn't read the fine print of something. 

Anyone else have this issue?

Signed,

Mitch

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