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Retirement Savings: How Much Should I Save Each Month?More Drops in Savings Account Rates. E-LOAN, AmTrustDirect and Others
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ON BY Ken Tumin
E-LOAN did another big rate cut on its savings account on Tuesday with the yield falling from 5.00% to 4.75% APY. AmTrustDirect also did a rate cut on its e-Money Market savings account, but the drop was only 5 basis points from 5.21% to 5.16% APY. Here's a summary of some of the recent savings account rate cuts:
Seems like some banks like HSBC have the strategy of just doing one big rate. Others like E-LOAN have decided to do multiple smaller cuts. You have to wonder about those banks that have maintained their pre-Fed-rate-cut rates. A few of these include ETrade, WAMU and Capital One.
Edit 10/05/07: AmTrustDirect dropped rates again just after this post was published on 10/04/07. Noted this change above.
- Indymac Internet First Rate MMA $25K tier: 5.60% APY (used to be 5.75%)
- Presidential Bank Premier Savings: 4.90% APY (used to be 5.25%)
- Presidential Checking Plus: 4.00% APY (used to be 4.50%)
- E-LOAN Savings: 4.75% APY (used to be 5.00%)
- AmTrustDirect e-Money Market: 5.06 APY (used to be 5.16% as of 10/04 and 5.21% around 10/01)
- DiscoverBank MMA $10K tier: 5.00% APY (used to be 5.09%)
Seems like some banks like HSBC have the strategy of just doing one big rate. Others like E-LOAN have decided to do multiple smaller cuts. You have to wonder about those banks that have maintained their pre-Fed-rate-cut rates. A few of these include ETrade, WAMU and Capital One.
Edit 10/05/07: AmTrustDirect dropped rates again just after this post was published on 10/04/07. Noted this change above.
