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).
Best Savings Account Rates
| Featured Rate | |
|---|---|
|
Discover Bank |
1.85%
Date: Oct 22, 2009
|
| Highest Rates Recent Rate Changes | |
| First Entertainment Credit Union Savings Account |
7.00%
Date: Oct 22, 2009
|
| All American Bank Savings Account |
3.00%
Date: Oct 22, 2009
|
| Avista Corp. Credit Union Savings Account |
2.78%
Date: Oct 22, 2009
|
| Telesis Community Credit Union Savings Account |
N/A to
0.25% Date: Nov 5, 2009
|
| Santa Cruz Community Credit Union Savings Account |
N/A to
0.10% Date: Nov 5, 2009
|
| United Pacific Bank Savings Account |
N/A to
0.48% Date: Nov 5, 2009
|