Online banks continue to cut the rates on their savings accounts. The number of accounts with rates above 4% is falling. Provident Direct cut its rate from 4.50% to 3.75% APY. ShoreBank also cut its rate to below 4%. Below is a summary of the cuts this week. I'll have a more complete update in my weekly summary tomorrow.
- Provident Direct's Savings: 3.75% APY (was 4.50%)
- EverBank's MMA: 4.01% APY 3-month intro (was 4.51%, ongoing remains at 3.51%)
- ShoreBank's Savings: 3.30% APY (was 4.15%)
- UmbrellaBank's MMA: 3.75% APY (was 3.90%)
- Zions Bank's Deseret MMA: 3.41% APY for $1K to $50K / 3.57% APY for $100K+ (was 3.87%/4.03%)
- WaMu's Online Savings: 3.30% APY (was 3.55%)