5 Easiest Bank Accounts to Open Online
What Is Bank Fraud? How to Recognize It, Avoid It and Report It
How to Open a Bank Account for a Minor
How to Balance a CheckbookNew Savings Account Rate Cuts
Post a Comment
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.
