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Savings and Checking Account Rates Slashed - WaMu, HSBC, Emigrant, E-LOAN, and More


It has only been two days since my last rate cut post and already over a dozen more online banks have made cuts. EmigrantDirect made a rate cut earlier in the week, and it cut again this morning. The rate is now down to 2.75% APY which is the lowest rate it has ever offered. When it first launched at the start of 2005, the rate was 3.00% APY.

Online savings accounts are not the only accounts being hit with rate cuts. State Bank of Toledo's reward checking account also had a major rate cut. Its top yield fell from 5.01% to 4.01% APY. For most of the second half of 2007, State Bank of Toledo (SBoT) had offered 6.01% APY with no balance caps. In December 2007, they lowered the rate to 5.01% APY and added a balance cap of $70K that is eligible for this top yield (see post).

There are still many doubts about whether these banks and credit unions can keep their reward checking account rates high. My guess is that most won't be able to keep the rates much higher than 1% or 2% above the rates offered by the online savings accounts. If SBoT can keep this 4.01% APY for the rest of this year, this may still be a good deal since most online savings account rates are falling to below 3%.

Below is a recap of the latest rate drops. Please see my Wednesday rate cut post for cuts made earlier in the week.

I'll have my complete update of savings accounts, checking accounts and CDs in my Saturday's weekly summary. With all these changes, I'm going to be busy...
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Anonymous   |     |   Comment #1
Flagstar express money market rate now down to 2.90%. It's difficult to follow the bouncing ball in this interest rate sing a long. I opened one of these accounts when the rate was over 4%. I haven't even received the blank checks yet. I know not what course others may take but for me, I'm done chasing rates. I'm in the process of doing income taxes and when finishing schedule B I found that I now have 24 bank or brokerage accounts. I think the old saying enough is enough applies here. HAPPY EASTER TO ALL
Anonymous   |     |   Comment #2
Uh, . . . . no. The Flagstar EMM PROMO rate is the one we care about. That rate is 3.9% APY. It is true the EMM NON-promo rate is down to 2.9% APY, but nobody cares.

Thanks for all your work, Banking Guy. There haven't been this many things falling since the fall of Rome. It's tough to keep up!!
Anonymous   |     |   Comment #3
This will make me sound more stupid than I am but I cannot find the 3.90% promo rate on Flagstar site . Do they not advertise it anymore. Help old stupid out here.
Anonymous   |     |   Comment #4
Sorry about that mistake . I have now found the 3.90% promo rate.
Anonymous   |     |   Comment #5
This is too depressing. Anyone remember things being this dismal in prior years?

Thanks Banking Guy for all your hard work. Please don't forget to enjoy a Happy Easter with your family!
Old Guy
Old Guy   |     |   Comment #6
I remember during the Jimmy Carter presidency, the interest rates were in double digits.

I am old.

With today's rate cuts, and with more cuts coming, the Alliant CU 12-month CD at 4.9% APY seems like the best way to go. I think I will now pull my money out of WaMu Online Savings, which dropped to 3.55%, and open up an Alliant CU CD.

Anyone agree or disagree with my plan?
Anonymous   |     |   Comment #7
Put all of your money in my bank. :-)

At any rate, decided to stick with Countrywide 4.05%.
Anonymous   |     |   Comment #8
Another one to add to the list... is down to 3.52%.
Anonymous   |     |   Comment #9
Be careful with Flagstar Bank. Just like WaMu, their safe and sound rating is down to 1 star. They are in trouble. That's why they are offering a 3.9% rate. I was tempted by WaMu's 4.00 add on CD, but didn't do it because they are really in trouble. Same goes for Flagstar.
Lukobe   |     |   Comment #10
I am happy with my 4.05% rate at Countrywide, and at the risk of jinxing it, must ask--why haven't they followed?
Curly Fry
Curly Fry   |     |   Comment #11

Countrywide has had a lot more range to drop, so of course they are doing it a bit more slowly so as to try and avoid a mass exodus.

But I assure you 100% Countrywide will lower their rate. They have to, as they will lose money paying over 4% with the Fed Funds rate so low.

Plus, assuming the Countrywide - B of A deal closes, please know that B of A has never paid really high interest rates.

You are not jinxing anything. They will be lowering their rate soon.
Anonymous   |     |   Comment #12
Wow! Somehow, I am not surprised. Time to pull out my savings and move them to my Bank of Internet USA (4 out of 5 stars)MMA. That's at 3.9% APY.

I also have a rewards checking at Charter Bank in Albuquerque, NM. It's currently at 6.01% and am hoping that'll hold.

From what I've read regarding Bank of Internet, because they didn't get involved in the mortgage mess, they can keep their rates where they are. The exception, of course, are the CD rates. Those are below 3%....

How's that Kenny Rogers song go? Gotta know when to hold and know when to fold....
Sofa King Disappointed
Sofa King Disappointed   |     |   Comment #13
Charter Bank of New Mexico has a balance cap of $25,000 (which is why their rate is still 6%). You can read about their account at

It is expected that the Fed will cut the rate yet again sometime this Spring 2008. So you can bet that Bank of the Internet and everyone else will lower their rate again. There is no way a bank can afford to pay nearly 4% APY if the Fed Funds Rate is 2% or lower.
Anonymous   |     |   Comment #14
Alliant's 17 month CD is now down to 4.40%, and the 18-24 month CD is down to 4.15%.
Coup De Ville
Coup De Ville   |     |   Comment #15
Oh no!!!!!

I was going to Alliant CU's El Segundo branch Monday to open up a Jumbo CD at what I thought was 4.9%.


I was just too slow.


I'm not going to open a 12 to 17 month CD that is paying 4.31% / 4.40% Yield.
If You See Kay See You Next Tuesday
If You See Kay See You Next Tuesday   |     |   Comment #16
Alliant's High Yield Savings is 4.35% APY.

Not bad in today's environment.

But of course, don't expect that 4.35% APY to stay at that level for long.
Primrose   |     |   Comment #17
Dear Bank Guy,

Did you ever review the Alliant Credit Union's Savings Account? If yes, do you have a link to the review page?

Is their rate really still 4.35%?

Why don't you list their Savings Account on your weekly review?

Thank you.
Anonymous   |     |   Comment #18
Century Bank Direct dropped to 4.01% APY.
Anonymous   |     |   Comment #19
Allied Credit Union review...
Paste in your browser...
Anonymous   |     |   Comment #20
Sorry, It should be Alliant Credit Union in the above post.
Primrose   |     |   Comment #21
Thank you very much. Perfect.

You are very kind.

Now, if only Alliant would keep their Savings Account at 4% or above.
Lukobe   |     |   Comment #22
I wonder if Countrywide will drop below (or come close to) the Vanguard Money Market Fund's rate...'cos when it does, I'm switching.
Anonymous   |     |   Comment #23
Rate Edge (NY) just dropped to 3.40%.
Anonymous   |     |   Comment #24
Alliant just dropped their top CD rate from 4.90 to 4.40.
Anonymous   |     |   Comment #25
countrywide money market has check writing i believe

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