- GMAC Bank: 5.30% to 4.90% APY
- AmTrustDirect: 5.31% to 5.21% APY
- Apple Bank of Savings: 5.27% to 5.15% APY
- E-LOAN: 5.25% to 5.00% APY
I guess we should have anticipated that the biggest drop would be at Bank of America. The top yield on the Defenders of Wildlife Money Market Savings account fell from 5.69% to 5.01% APY. The new rate tiers are below:
Balance APR APY
Less than $2,500 2.96% 3.00%
$2,500 - $9,999 4.55% 4.65%
$10,000 - $24,999 4.65% 4.75%
$25,000 - $49,999 4.65% 4.75%
$50,000 - $99,999 4.90% 5.01%
$100,000 - $499,999 4.90% 5.01%
$500,000 - $2,499,999 4.90% 5.01%
For more info on this money market account, please refer to my previous post. The AAA and NEA affiliate money market accounts that are tied to the MFR index (see post) have held up better so far. The top yield for the AAA account is 5.30% APY.
The high CD rates at Indymac Bank and Countrywide are still holding. If you stay below the FDIC limits and don't mind the worries of the subprime problems, these can be good deals. For more info on CDs at Indymac, please refer to this post and for Countrywide, please see this post. These deals will require some trust in the FDIC. From this FDIC consumer news page:
Historically, the FDIC pays insured deposits within a few days after a bank closes, usually the next business day. In most cases, the FDIC will provide each depositor with a new account at another insured bank. Or, if arrangements cannot be made with another institution, the FDIC will issue a check to each depositor.
Also, you shouldn't have to worry about losing any interest if your balance is below the insured limits:
Federal law requires the FDIC to pay 100 percent of the insured deposits up to the federal limit including principal and interest.