In reaction to the US Federal Reserve's recent actions in cutting interest rates, Ally Bank is cutting the interest rate on the Kingdom's savings account from 1.5% to 1.25% effective tomorrow (following up a previous cut from 1.6% to 1.5% on March 13).
1.25% is still a solid rate for a savings account (better than the current yield on 20-year Treasuries), but I've done a little bit of shopping around other possibilities as a result, and am somewhat tempted by Varo. I'm going to see if they cut their rates soon, or stick to the 1.61% they're currently quoting on their website.
1.25% is still a solid rate for a savings account (better than the current yield on 20-year Treasuries), but I've done a little bit of shopping around other possibilities as a result, and am somewhat tempted by Varo. I'm going to see if they cut their rates soon, or stick to the 1.61% they're currently quoting on their website.