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More Savings Account Rate Cuts

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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:
  • 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.
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