New Savings Account Rate Cuts

No surprise that ING is first...

I expected ING to be the first -- well, it is the (or among the) first banks, but last night I discovered that several of my credit unions had lowered the rates on their (basic) share accounts. OK, it's only from 0.9% to 0.8% for example, but every penny counts these days.

virtualbank also dropped...to 4.08

back in 2004 i remember getting junk mail from ING "promoting" 2% APY on their orange savings account.

they have no qualms being uncompetitive on rates.

their innovative checking account helps make up for their annoying rates.

impressive that countrywide still keeps their 3 mo cd at 5.45%. realls shows the level of desperation for their need of funds.

I was surprised to see Zions Bank so quick to drop their rates. I wasn't even notified. But it is also interesting that the Deseret Money Market Account is also advertised on their home page. Before when it was a higher rate (5.5%) it was hidden in layers of pages and hoops to sign up for the account.

I moved a considerable amount of $$$ to Zions just six weeks ago. Since then they have dropped their rates twice, but they are still good rates, considering the Fed cuts and Zions is a strong bank. No regrets.

Ouch! Countrywide Savingslink just dropped 130 basis points to 4.00. I'm moving my funds into the new 5.25%/9mo CD at FNBO Direct.

 

Banking Guy,

State Bank of Toledo had a big rate cut ... Down from 6.01% to 5.01%. They have imposed a limit (70k) on the max deposit that's eligible for this rate. *sigh*

- SVG

 

Matt--Are you sure about Countrywide? It's always been 4% for balances under 10k. Maybe they're lowering it in the AM but as of right now (11:45 ET) it is still 5.3% for balances over 10k.

I wouldn't want you to jump with incorrect info.

CW is still 5.3%.

The reason for the Zions Deseret MMA being hard to find is that it isn't (at least when I last looked) available to Utah residents. If they keep the 5.13% APY, it might be a good alternative for people with large balances at SBoT.

Not only did SBoT impose the 70K limit, they also kept the same 10-check transaction/ACH/e-statement requirements as before, which is ridiculous. Unless other rates drop a lot by compared to SBoT's 5.01% APY, they're going to lose a lot of accounts.

And there's the question of whether this rate drop, effective 12/13 on the web site, is going to impact their current account holders, whose statement period ends around 12/15.

breaking news: Countrywide 3 and 6 mo cds up to 5.5%. really surprised to see an INCREASE, however small, on the 6 mo. Maybe they feel the Fed is done. Hope they get a lot of business from this to keep them afloat.

Be nice if Countrywide would reduce the minimum CD price down from 10,000.

AmTrust Direct dropped to 5.11% on their new 3 month promo.

Amtrust can cut rates a lot faster than they can answer a e-mail

I wanted to share that Zions Bank has changed its tiered structure.

0-999.99 0.0% APR
$1,000 - 49,999.99 4.60% APR
$50,000 - 99,999.99 5.02% APR
$100,000 and up 5.07% APR

They seem to have added the $100,000 and up account

Rates dropped again. As of 1/23, the above tiers are now:
0%
4.18%
4.34%
4.51%
(APY)

Zion bank changed their rates again.

Max 4.51% for $100,000+