Online banks continue to cut their savings account rates as an economic slowdown and continued Fed rate cuts appear more likely. UFB Direct reduced the yield on its Absolute Savings Account from 5.12% to 5.00% APY. UmbrellaBank reduced the yield on its Pot O'Gold Money Market account from 5.00% to 4.95% APY. It also reduced the 90-day intro rate of its Green Day Savings Account from 5.35% to 5.12% (UmbrellaBank doesn't report APY on this 90-day period so the APY drop would be 5.50% to 5.25% APY.)
The CD rates at both banks have also been dropping. All of UFB Direct's CD yields are now under 4.00% APY. UmbrellaBank still has some decent short term rates like a 5% APY 12-month CD and a 5.05% APY 6-month CD, but the yield for terms over 18 months is just 3.75% APY.
ING Direct also lowered its CD rates. The top yield is now only 4.50% APY on the 60-month term (was 4.70% APY).
Thanks to everyone who have been leaving comments on the rate updates. I have a feeling we'll be seeing more falling rates this week so please keep the comments coming (either at this post or in the deals-and-news post).
The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.