Online banks continue to cut rates on their savings accounts and CDs. One small bit of good news is that it's looking unlikely we'll see another emergency cut by the Fed thanks to the January retail sales data (see Times Online article). However, most do expect another 50-basis-point rate cut at the Fed's next meeting on March 18. So expect to more cuts by the banks.
Below are some of the latest savings account rate cuts since I reported on E*TRADE's rate cut on Tuesday:
Zions Deseret MMA: - 4.08% APY for $100K+ / 3.87% APY for $1K+ (down from 4.26% / 4.08%)
Also note that it's becoming difficult to find banks offering CD yields over 4% especially for terms over 6 months. For example, the highest CD yield offered by E-LOAN is now only 3.96% APY for a 5-year term.
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