Dedicated to Deposits: Deals, Data, and Discussion

More Cuts in Savings and Checking Account Rates


The New Year isn't starting off well for savers. Cuts to savings and checking accounts continue. There were hints in yesterday's release of the minutes of last month's Fed meeting that we may see more rate cuts this year. So 2008 looks like it's going to be a tough year for savers.

Some recent rate cuts to savings and checking accounts include:
  • EverBank's intro rate for its checking and money market account lowered to 5.01% APY (was 5.51%) Standard rate lowered to 4.26% (was 4.51%).
  • Citibank's Ultimate Savings Account and e-Savings Account rates lowered to 3.75% APY (was 4.00%) The Ultimate Money Account rate (which Citi heavily advertises) remains at 4.50% APY but this rate has an online bill payment requirement.
  • Capital One's High Yield Money Market rate lowered to 4.30% APY (was 4.40%)
  • Provident Credit Union's reward checking account rate lowered to 5.51% APY (was 6.01%). Provident CU allows for easy membership so this is one of the few reward checking accounts available nationally (see post).

Thanks to the readers who commented on these rate changes.

Related Pages: savings account

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Comment #1 by Anonymous posted on
CapitalOne Costco Money Market Account down to 4.55% APY from 4.6% APY

Comment #2 by tresho (anonymous) posted on
On the phone with Zions Bank On-line support. Deseret Money Money Account Interest has been cut to 4.95%/APY 5.07% as of today for balances in the $100,000 range. I was checking online & found the number had changed since yesterday.

Comment #3 by Anonymous posted on
UmbrellaBank - Down from 5.50 to 5.35%

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
I've actually been reporting UmbrellaBank's intro yield as an APY rather than rate to keep it consistent with other banks. UmbrellaBank feels that it's required to only report the 3-month rate. I have more info on this here.

Comment #5 by grobe (anonymous) posted on
Countrywide is down to 5.25%