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Retirement Savings: How Much Should I Save Each Month?More Falling Rates: GMAC, Countrywide, Presidential, Bank of America
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ON BY Ken Tumin
ING Direct isn't the only one to quickly lower their rates after the Fed rate cut. Here are the latest online banks to make savings account rate cuts since my yesterday's rates update post:
Countrywide also lowered its CD rates. The highest internet CD rate is now only 5.40% APY for a 6-month term (down from 5.65%). The yields for the 9-month and 12-month terms are now 5.30% APY and 5.20% APY (down from 5.45% and 5.65%).
To be fair to ING Direct, at least they only cut the Orange Savings Account rate by 10 basis points to 4.20% APY. GMAC's rate cut was 25 basis points and Presidential's cut was 30 basis points.
- GMAC Bank's Money Market Savings: 4.50% APY (used to be 4.75%)
- Countrywide's savingslink: 5.35% APY (used to be 5.50%)
- Presidential's Premier Savings: 4.60% APY (used to be 4.90%) and their Checking Plus: 3.75% APY (used to be 4.00%)
- Bank of America's DoW Money Market Savings: 4.29% APY for $10K+ tier (used to be 4.45%)
Countrywide also lowered its CD rates. The highest internet CD rate is now only 5.40% APY for a 6-month term (down from 5.65%). The yields for the 9-month and 12-month terms are now 5.30% APY and 5.20% APY (down from 5.45% and 5.65%).
To be fair to ING Direct, at least they only cut the Orange Savings Account rate by 10 basis points to 4.20% APY. GMAC's rate cut was 25 basis points and Presidential's cut was 30 basis points.
