Most Americans Don’t Always Carry Cash, With Debit the Preferred Payment Method
ACH Transfer vs. Wire Transfer: What’s the Difference?
Best Savings Accounts of December 2024 – Up to 4.75%
Do I Have to Pay Taxes on CD Earnings?More Savings Account Rate Cuts
Post a Comment
POSTED
ON BY Ken Tumin
It appears several online banks have decided to ease into lower rates rather than doing one major slash. With it being so easy for customers to transfer money, that's probably not a bad strategy for the banks. As a commenter mentioned in my post on OneUnited's first rate cut, that's probably why we only saw a 15-basis-point cut at OneUnited on Monday.
Here are a few of the rate cuts that banks have made to their online savings accounts in the last two days:
After yesterday's ISM report, it's beginning to look like we're in a recession. Thus, the chances of additional Fed rate cuts are growing. The next Fed meeting is on March 18th, and the fed funds futures have a 28% chance of a half-point cut and a 30% chance that there'll be an unscheduled fed meeting this month with a quarter-point cut.
Here are a few of the rate cuts that banks have made to their online savings accounts in the last two days:
- HSBC Direct Savings - 3.55% APY (down from 3.80%)
- Citibank Ultimate Money - 4.00% APY (down from 4.25%)
- Savings Square - 4.25% APY (down from 4.50%)
- SalemFiveDirect Checking - 3.50% APY to 4.00% APY (down from 3.65%/4.10%)
- Charles Schwab Checking - 3.01% APY (down from 3.21%)
- WTDirect Savings - 4.15% APY (down from 4.30%)
- BankUnited's Savings - 4.00% APY (down from 4.50%)
- GCF Bank's CyberSaver 90-day promo - 4.47% APY (down from 5.09%)
After yesterday's ISM report, it's beginning to look like we're in a recession. Thus, the chances of additional Fed rate cuts are growing. The next Fed meeting is on March 18th, and the fed funds futures have a 28% chance of a half-point cut and a 30% chance that there'll be an unscheduled fed meeting this month with a quarter-point cut.
