CD Deals Summary
Fed Meeting Preview and Deposit Rate Forecast - March 15, 2023
Silicon Valley Bank Is Shut Down - Second Largest Bank Failure in History
National Banks Are the Most Popular With Consumers, But They Don’t Generally Offer the Best Rates — Find Out Where Your Money Could Grow the Most More Falling Yields at Online Savings Accounts: Capital One, AmTrustDirect, Zions
POSTED
ON BY Ken Tumin
It has been about a month since the big Fed rate cut and the falling bank yields continue. The latest drop is at Capital One. The yield on its High Yield Money Market fell from 5% to 4.75% APY yesterday. However, the yield on CapOne's new Rewards Money Market was kept at 4.66% APY (see post). CapOne also lowered the yield on its Costco Money Market Account. The yield fell from 5.20% to 5.00% APY. For more info on these CapOne accounts, please refer to this previous post.
The downward rate creep continues at AmTrustDirect. The e-Money Market yield fell from 5.06% to 4.93% APY. The lower rate may be intended to pay for their new e-Savings account which has a 5.36% APY 3-month intro rate for new money (see post).
Finally, Zions Bank's Deseret Money Market Account top tier yield fell from 5.56% to 5.51% APY. This requires a balance of over $50K. However, the low tier yield of 5.30% APY remains. This requires a balance of just $1,000. For those looking for a high money market yield at a strong bank, this would be one to consider (see post).
Thanks to all the readers who've provided rate updates in the comments.
The downward rate creep continues at AmTrustDirect. The e-Money Market yield fell from 5.06% to 4.93% APY. The lower rate may be intended to pay for their new e-Savings account which has a 5.36% APY 3-month intro rate for new money (see post).
Finally, Zions Bank's Deseret Money Market Account top tier yield fell from 5.56% to 5.51% APY. This requires a balance of over $50K. However, the low tier yield of 5.30% APY remains. This requires a balance of just $1,000. For those looking for a high money market yield at a strong bank, this would be one to consider (see post).
Thanks to all the readers who've provided rate updates in the comments.
customers. They are going down like most of the manipulative Banks.
Remember ING Direct.
By By Amtrust.
open account fund it and get
some benefits from Amtrust.
Don't forget the hard pull that will bite you back for
lousy few extra dollars.
Not for me.
I mean even Citibank has a better rate. I am seriously disappointed and will be moving my money elsewhere next Monday.
They still do fast ACH, which I like.
Amtrust cutting the eMMF interest & then starting a new account system for "new money only" bothered me also so I voted with my cash.
I have linked most of my accounts through the ACH system. Even though UFB, for example, doesn't allow you to set up transfers with ACH, it will accept ACH deposits & withdrawals from my other accounts without charge.
One aspect of UFB I've found useful is their contract with UPS. You can send an envelope with a check for deposit through UPS direct to UFB in Indianapolis without charge, where I live the process takes overnight. I wrote a check on the 18th, UPS got it to UFB the 19th when it was deposited. That beats the ACH transfer system at most banks I've tried.
The form for this is here.
The only hitch was that the recipient on the UPS aystem was listed as "Affinity Financial, 45 N Pennsylvania St Fl 3, Indianapolis, IN 46204-3139" while the UFB form showed "The Huntington National Bank
45 N. Pennsylvania St., 5th Flr.
Indianapolis, IN 46204"