CD Rates Summary July 17, 2018
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POSTED ON BY Ken Tumin
The effect of the latest Fed rate cut is starting to be seen at several online banks. Here's a summary of the rate cuts in the last 2 days:
ING Direct also cut rates on all tiers of its Electric Orange Account by 10 basis points. The new yield is 3.15% APY for balances under $50K, 4.65% APY for balances between $50K and $100K, and 4.80% APY for balances over $100K.
Some good CD rates are also being cut. Ascencia Bank ended its 5.21% 6 and 12 month CDs. The new yields are down to 4.81% APY and 4.78% APY.
I'm sure we'll see more cuts. It could have been worse if the Fed had done a 50 basis point cut. Thanks to everyone who have been posting rate updates in the comments.
- E-LOAN's Savings Account: 4.50% APY (was 4.75%)
- Zions' Deseret MMA: 4.86% APY under $50K, 5.13% APY over $50K (was 5.08%/5.23%)
- ING Direct's Savings Account: 4.10% APY (was 4.20%)
ING Direct also cut rates on all tiers of its Electric Orange Account by 10 basis points. The new yield is 3.15% APY for balances under $50K, 4.65% APY for balances between $50K and $100K, and 4.80% APY for balances over $100K.
Some good CD rates are also being cut. Ascencia Bank ended its 5.21% 6 and 12 month CDs. The new yields are down to 4.81% APY and 4.78% APY.
I'm sure we'll see more cuts. It could have been worse if the Fed had done a 50 basis point cut. Thanks to everyone who have been posting rate updates in the comments.
they have no qualms being uncompetitive on rates.
their innovative checking account helps make up for their annoying rates.
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
I wouldn't want you to jump with incorrect info.
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.
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
0%
4.18%
4.34%
4.51%
(APY)
Max 4.51% for $100,000+