Savings Account Rate Slashed At Tennessee Commerce Bank

A reader who had signed up for Tennessee Commerce Bank's recent savings account promotion sent me this note:

Just received a letter from Tennessee Commerce Bank that their saving rate will change from 1.50% to 0.90% effective July 1, 2011.  Depositors are offered a 30 [month] CD, APY of 1.60% with a special option of "one free withdrawal (partial or full) during the term of the certificate.

It appears the 30-month no-penalty CD is only available to customers who signed up for TCB's recent savings account promotion. I don't see it listed on their website.

Everyone who signed up for the savings account promotion were expecting the rates to at least stay competitive after the promotion ended. So I don't think this CD will make up for the big rate cut.