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POSTED 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.
Thanks a lot for the tips and updates on banking. It has been quite useful and I have opened a Capital One Rewards MMA.
And since that day the rates have been falling. :(
Hope eveything gets back to normal and even better soon.
Regards,
Niranjan
This is the best blog of it's kind that I have found, and I also want to thank you banking guy.
Also, I opened a CD with Countywide when it was 5.7. and was able to ACH a transfer of 80% of my savings after verifying deposits that showed up the next day!!... The money was in my new cd w/Countrywide in 2 days. Not to shabby.
**Does anyone know of a good website that explains what a municipal bond is and how it works?? I was told you don’t have to pay interest on your interest until you retire?? Not sure if this is exactly true. This info is not from a great resource but its worth checking out. Thanks all.
Goldie
Municipal bonds are bonds issued by City, County and State governments. Interest received on them is Federal income tax free and some are state income tax free depending on the bond you buy and the state you live in. I beleive that bonds rated A thru AAA are paying between 4.75 and 5 % at the present time. Go to www.schwab.com .
Click investment products then bond and fixed income then investment types and then municipal. I beleive this will give you a brief description.
GOOD LUCK
There are many other sites. Go to Yahoo and type municipal bonds in the search box.
Goldie
you could have done better with Penfed which had 6% CD for a while.
Right now BoT still has 6.01% and seems like it will stay that way.
http://www.virtualbank.com/Banking/MoneyMarket.aspx