Several online banks are not wasting any time in cutting their rates after yesterday's Fed rate cut. EmigrantDirect cut the rate on its savings account from 3.30% to 3.00% APY. It's now equal to the rate when it was first launched at the start of January 2005. It's also equal to ING Direct's new savings account rate. As usual, ING Direct was quick to cut, but at least it only cut the savings by 10 basis points. ING Direct also cut all of its CD rates by 25 basis points. Most of ING Direct's CDs have yields of only 2.50% APY. Such a low rate reminds me of the rates that existed from 2002 to 2004.
Other online banks that have cut their rates include Savings Square and Salem Five Direct. Below is a recap of the latest cuts.
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