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ON BY Ken Tumin
The Fed's rate cuts are really starting to be felt as several banks slashed the rates on their online savings accounts. Some of the recent rate cuts include:
This Wall Street Journal article from yeterday reports on how the Fed rate cuts have been slow to have their full effects on savings products. One of the reasons cited is the continued tightness in the credit markets where banks are trying go attract customers' deposits. That has definitely helped to keep Countrywide's and Indymac's rates high. But as we see with Indymac's cuts today and Countrywide's cuts last week, even these rates are now falling.
- Citibank: Ultimate Money Market: 4.5% APY (was 5%), Ultimate Savings: 4.00% APY (was 4.50%), e-Savings: 4.00% APY (was 4.25%) - account review
- WaMu Online Savings: 4.75% APY (was 5.00%) - account review
- Capital One Money Market - Costco: 4.70% APY (was 5.00%), Capital One Money Market - regular: 4.50% APY (was 4.75%), Money Market Rewards: 4.00% APY (was 4.66%) - account review
- Indymac Internet First Rate Money Market - 5.00% APY for $25K+ (was 5.25%) - account review
- iGobanking.com Savings: 5.00% APY (was 5.17%) - account review
- Zions Deseret Money Market: 5.34% APY for $50K+ (was 5.40%), 5.19% APY remains for $1K+ - account review
This Wall Street Journal article from yeterday reports on how the Fed rate cuts have been slow to have their full effects on savings products. One of the reasons cited is the continued tightness in the credit markets where banks are trying go attract customers' deposits. That has definitely helped to keep Countrywide's and Indymac's rates high. But as we see with Indymac's cuts today and Countrywide's cuts last week, even these rates are now falling.
