Fed Meeting: Another 25-bp Rate Hike - Strategies for Savers
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Fed Meeting Preview and Deposit Rate Forecast - March 15, 2023
Silicon Valley Bank Is Shut Down - Second Largest Bank Failure in HistoryNew CapOne/Costco and UFB Direct Money Market Rates
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POSTED
ON BY Ken Tumin
CapitalOne/Costco Money Market rate increased from 3.88% to 3.95% APY last night. Also, some of the CD rates went up also. The 5-year CD is now 5.03% (another 5%+ CD).
I also noticed a change in UFB Direct's rates. The High Yield Money Market Savings remains at 3.80% APY. However, the Jumbo Money Market Account is now at 4.08% APY. It has a $50K minimum balance requirement.
It'll be interesting to see how fast banks respond to the Fed's rate hike. Of course there's no direct connection between the Fed and the banks. But there has been a trend of banks responding within a month after a Fed rate hike.
I'm still waiting on ING Direct's next rate hike....
I also noticed a change in UFB Direct's rates. The High Yield Money Market Savings remains at 3.80% APY. However, the Jumbo Money Market Account is now at 4.08% APY. It has a $50K minimum balance requirement.
It'll be interesting to see how fast banks respond to the Fed's rate hike. Of course there's no direct connection between the Fed and the banks. But there has been a trend of banks responding within a month after a Fed rate hike.
I'm still waiting on ING Direct's next rate hike....