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Retirement Savings: How Much Should I Save Each Month?More Cuts in Savings and Checking Account Rates
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POSTED
ON BY Ken Tumin
The New Year isn't starting off well for savers. Cuts to savings and checking accounts continue. There were hints in yesterday's release of the minutes of last month's Fed meeting that we may see more rate cuts this year. So 2008 looks like it's going to be a tough year for savers.
Some recent rate cuts to savings and checking accounts include:
Thanks to the readers who commented on these rate changes.
Some recent rate cuts to savings and checking accounts include:
- EverBank's intro rate for its checking and money market account lowered to 5.01% APY (was 5.51%) Standard rate lowered to 4.26% (was 4.51%).
- Citibank's Ultimate Savings Account and e-Savings Account rates lowered to 3.75% APY (was 4.00%) The Ultimate Money Account rate (which Citi heavily advertises) remains at 4.50% APY but this rate has an online bill payment requirement.
- Capital One's High Yield Money Market rate lowered to 4.30% APY (was 4.40%)
- Provident Credit Union's reward checking account rate lowered to 5.51% APY (was 6.01%). Provident CU allows for easy membership so this is one of the few reward checking accounts available nationally (see post).
Thanks to the readers who commented on these rate changes.