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Money Market vs. Checking Account: How Do They Differ?Rates are Falling - ING Direct, E-LOAN... Where to Lock in a High Rate?
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POSTED
ON BY Ken Tumin
ING Direct responded quickly to yesterday's rate cut by the Feds. The Orange Savings Account yield dropped from 4.50% to 4.30% APY, the low tier rate of the Electric Orange Checking dropped from 4.00% to 3.50% APY, and all of the Orange CD rates fell below 5% APY. When the Fed was hiking rates from 2004 to 2006, ING Direct was never this fast to respond.
Emigrant Direct's savings account rate is holding at 5.05% APY, but their My Way CD rates have fallen from 5.10% to 4.55% APY. Like ED, E-LOAN's savings account rate hasn't changed (still at 5.25% APY), but their CD rates have fallen. The 3-month CD yield fell from 5.55% to 5.35% APY. The 5-year yield fell from 5.55% to 5.30% APY. The yields on CD terms from 2 to 4 years fell from 5.41% to 5.20% APY.
There are still some opportunities to lock in a high rate. Even though Indymac's 5.75% APY 4-month internet CD special is now only listed at 5.00% APY, Indymac is still listing 5.70% APY on its Internet Custom Term CDs with terms of 5 and 6 months (see my latest Indymac CD post). Countrywide Bank still has its national offer of 5.65% APY for a 12-month CD and 5.75% APY for those in California (see my latest Countrywide CD post). Please see my latest weekly summary for more CD options, and please make sure to check the bank's website for the latest rates since rates are changing fast.
Emigrant Direct's savings account rate is holding at 5.05% APY, but their My Way CD rates have fallen from 5.10% to 4.55% APY. Like ED, E-LOAN's savings account rate hasn't changed (still at 5.25% APY), but their CD rates have fallen. The 3-month CD yield fell from 5.55% to 5.35% APY. The 5-year yield fell from 5.55% to 5.30% APY. The yields on CD terms from 2 to 4 years fell from 5.41% to 5.20% APY.
There are still some opportunities to lock in a high rate. Even though Indymac's 5.75% APY 4-month internet CD special is now only listed at 5.00% APY, Indymac is still listing 5.70% APY on its Internet Custom Term CDs with terms of 5 and 6 months (see my latest Indymac CD post). Countrywide Bank still has its national offer of 5.65% APY for a 12-month CD and 5.75% APY for those in California (see my latest Countrywide CD post). Please see my latest weekly summary for more CD options, and please make sure to check the bank's website for the latest rates since rates are changing fast.