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At Ally Bank, New Balance Tiers but the Same Interest Rates
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On Nov. 7, Ally Bank launched a new tier structure for its savings accounts and certificates of deposit. But the bank did not graduate its interest rates, and at least for now is offering the same annual percentage yields for all balances.
Ally set the tiers for its savings products at balances under $5,000, between $5,000 and $24,999, and over $25,000. Unlike Ally’s interest checking account, which features two tiers, savings accounts and CDs with larger balances don’t yet qualify for higher rates.
“If rates eventually rise, balance tiers will provide Ally Bank with the flexibility to potentially offer customers a different rate based on account balance,” the bank wrote in a blog post last month.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
4.90%Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC.
Still, Ally does have some of the best rates on the market. Its online savings account currently has an APY of 1%, which is over 16 times higher than the national average of 0.06%. And Ally’s tiered structure further distinguishes the bank from other online-only institutions, as none of Capital One 360, Synchrony Bank nor Simple has a similar setup.
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