Ally Bank has cut the interest for its online savings accounts, online IRA savings account and money market account from 0.95% APY to 0.90% APY.
While customers won’t be happy with the rate cut, the interest rates are still highly competitive — edging out a majority of the online savings accounts.
For customers of other online banks, Ally’s rate change may foretell of what’s to come to their savings and money market rates.
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