I've had an account online with Ally for several years now. I loved actually getting a return on money I kept in my emergency fund that was more than the couple pennies my local physical bank would throw at me per month.
I just received an email from Ally saying that due to the way the Federal Reserve is handling things they were dropping my APY from 1.5% down to 1.25%. This has been at least the second email of this nature I have received in the past couple months. When I first joined Ally I believe my APY was around 2.25%.
I doubt that Ally will increase that interest rate back up once the economy stabilizes. Has anyone else seen anything similar with other high yield savings accounts?
Submitted May 11, 2020 at 08:02PM by pweedith https://ift.tt/2WJZBW0
