Just a quick note to record that sometime between Wednesday and today, ING Direct lowered the yield on their Orange Savings Account to 1.40% APY. Their previous rate change in early March had established a 1.50% APY, so this is only a 0.10% cut.

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A week ago I posted that we were starting a move of our emergency fund cash to Ally Bank in order to take advantage of their “No Penalty CD” product. This will allow us to stop laddering our funds in 6-month CDs, which are generally sporting pretty low rates right now. So I was just checking to see if the last transfer had completed when I noticed that they’ve already dropped the rate from a 2.15% APY to a 2.05% APY.

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So earlier this week my wife and I opened up a new online savings account over at Ally bank, and I’ve gone back since to browse around Ally’s website trying to understand how to make the best use of their services and products. The information about their “No Penalty CD” really caught my eye, as it seems almost too good to be true.

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Just a short note to log that FNBO Direct dropped their online savings account’s APY to 1.50% on June 22, 2009. FNBO’s previous rate change was to a 1.65% APY on May 18, 2009, so they’re continuing their downward trend which has been going on ever since we opened our account with them in late [...]

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Have you seen those new TV advertisements from Ally Bank? I love the one where the little girl gets denied the real pony and gives a withering, “You totally suck” stare to the Baldwin-look-alike. Anyway, after doing a quick check of high-yield savings rates on Bankrate.com, we’ve decided to take the plunge an open up a new savings account at Ally Bank.

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