It has been just one day since my last rate cut post, and several online banks have already made more cuts to their savings account and CD rates. Countrywide cut rates on both its savinglinks account and its CDs. Its top internet CD yield is now 4.45% APY for a 6-month term (down from 4.75%). Amboy Direct cut the rate on its Premium Savings account to 3.75% APY. However, the rate on its eSavings remains at 4.25% APY (see my eSavings account and bonus review). Below is a list of the recent cuts since my post from yesterday. I've also included the cut at iGOBanking which I missed yesterday.
Countrywide savingslink: 4.50% APY (was 4.75%)
WaMu Online Savings: 4.00% APY (was 4.25%)
Amboy Direct Premium Savings: 3.75% APY (was 4.00%)
GMAC Bank didn't cut any rates today, but I noticed something humorous at their CD webpage. On the right of the rate table, an animated graph shows how much better their CD rates are as compared to the national average. They're not doing a good job with this. The average that's shown is 3.75% and their yield is 3.50%.
The national average CD rate is 5 months old, so they're probably ahead of today's average. But with rates falling as fast as they are, GMAC Bank may want to either remove this graph or perhaps keep their rates higher.
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