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Originally Published: May 12, 2022
Originally Published: May 12, 2022 Last Updated: Jan 10, 2024 4 min read
Ally Logo On Smartphone Screen In Front Of Stock Market Graphics
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After years of bad news and depressing "sorry-we're-dropping-your-APY" emails, America's savers may be finally catching a break.

The online bank Ally wrote an email to customers Tuesday to announce it's raising the annual percentage yield, or APY, on its high-yield savings accounts from 0.5% to 0.6% for all balance tiers. This is notable because it's the first time Ally has changed the interest rate since December 2020 — and the first time it has increased the APY since January 2019.

"We actively monitor market conditions and other factors to make sure we are delivering competitive rates," Tuesday's message from Ally read. "Based on recent events, we are increasing your rate and you will now earn more on every dollar saved."