Ally has lowered both its online savings and its online money market rates to 3.50% APY. The rate had previously stood at 3.60%.
Ally's no penalty 11-month CD was also lowered to 3.40% from 3.55% APY.
For most of the last decade, Ally was a great online bank that offered aggressive rates. It now seems to be constantly lowering its rates and hoping that depositors are not enough paying attention to notice that they are increasingly not rate-competitive.
Synchrony is the latest of the major online banks to lower its online savings rate below 4%.
Like Marcus, Ally and some other majors, they are sitting on large deposits raised a decade ago and hoping their depositors just are not paying attention.
Bask has lowered its online savings rate from 4.35% to 4.20% APY.
It has also slashed all of its CD offerings for terms less than and including 12 months. Its 12-month CD rate is now 4.30$ APY.
Brio Direct has lowered its online money market rate to 0.70%. This affects many previously opened accounts.
Brio Direct is now offering a 4.45% savings rate for new account holders depositing over $5,000. This rate is attractive for new account holders, but deceptive to existing customers of the bank.
Brilliant has lowered its money market rate in the wake of the Federal Reserve's guidance on March 19, 2025.
Total Bank lowered its online money market account to 4.47% APY.
The move comes a day after the bank lowered its online CD rates across the board.
CIT has lowered its platinum savings rate to 4.10% APY.
The bank's savings rate, which had been higher than those at most other very highly recognized banks, is now closer to the rates at Synchrony and Marcus.
Pibank has dropped its online savings rate by 15 basis points.
Fitness Bank has lowered its online savings rate. The rate is now 4.55% APY for those generating an average of 12,500 steps per day during the prior month.
Peak Bank has dropped its online savings rate by 40 basis points from 4.75% to 4.35% APY today.