Complaints to the ABA about Ally Bank’s “irresponsibly” high CD and savings account rates, led to a reduction in their advertised rates; however, they are still offering one of the highest rates available on a savings account. The current rate is 2.05%, which is down .20%. Not a huge number, but overtime, could add up. For instance, a $10,000 deposit with 2.25% interest for 1 year, is $225, $20 more than the 2.05%. With compounded interest, over 10 years, you’ll have $242 more dollars at the 2.25% savings account rate – that’s enough to buy the new iPhone 3G S, which was announced this week (or whatever the latest gadget will be in 10 years).
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Best Savings Account Rates
| Featured Rate | |
|---|---|
CIT Bank  |
0.90%
Date: May 14, 2012
|
| Highest Rates Recent Rate Changes | |
| Houston Police Credit Union Savings Account |
2.02%
Date: Apr 30, 2012
|
| Twinstar Credit Union Savings Account |
1.60%
Date: May 2, 2012
|
| Illinois National Bank Savings Account |
1.51%
Date: May 7, 2012
|
| Jefferson County Federal Credit Union Savings Account |
0.25% to
0.25% Date: May 16, 2012
|
| Covenant Bank Savings Account |
0.25% to
0.25% Date: May 16, 2012
|
| Indiana Members Credit Union Savings Account |
0.10% to
0.10% Date: May 16, 2012
|
