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Retirement Savings: How Much Should I Save Each Month?The Plummeting Savings Accounts and CD Rates
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POSTED
ON BY Ken Tumin
This has to have been the worst week since I started this blog for savings account and CD rates. The 75 basis-point rate cut by the Fed on Tuesday was a shock, and banks have been quick to respond. Here are some of the recent large cuts:
I'm afraid we'll be seeing more cuts in the weeks to come, especially since we are likely to see another Fed rate cut next week. However, it may not be a 50-basis-point cut that many had been expecting (see Marketwarch article). I'll have a full list of updates including the CD rate cuts for tomorrow's weekly update.
- GMAC Bank MMA - 4.25% APY (down from 4.50%)
- E-LOAN Savings - 4.00% APY (down from 4.50%)
- UmbrellaBank - 5.25% APY 3-mo savings account promo ended, MMA 4.65% APY (down from 4.90%)
- E*TRADE Complete Savings - 4.40% APY (down from 5.05%)
- UFB Direct Absolute Savings - 4.50% APY (down from 5%)
- WTDirect Savings - 4.30% APY (down from 4.90%)
- iGobanking Savings - 4.50% APY (down from 4.90%)
- Grand Yield Direct Savings - 4.25% APY (down from 4.85%)
- Capital One MMA - 3.50% APY (down from 4.00%)
- SaleFivedirect eOne - 3.65% APY low tier / 4.10% APY high tier (down from 4.10%/4.30%)
- ING Direct Savings - 3.65% APY (down from 4.10%)
I'm afraid we'll be seeing more cuts in the weeks to come, especially since we are likely to see another Fed rate cut next week. However, it may not be a 50-basis-point cut that many had been expecting (see Marketwarch article). I'll have a full list of updates including the CD rate cuts for tomorrow's weekly update.
