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Retirement Savings: How Much Should I Save Each Month?Banking News of the Day
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ON BY Ken Tumin
Happy Holidays! Unfortunately, savers are not getting presents from banks. Rates continue to plummet. Some recent savings account rate cuts have occurred at GMAC Bank, OnBank, FNBO Direct, E*TRADE, Citibank and Capital One. Readers have reported being told that Alliant Credit Union will be lowering its savings account yield to 3.25% APY starting next month and PenFed will be lowering its CD yields next month (3yr to 3.94%, 4yr to 4.25% and 5 and 7yr to 4.50%).
Although GMAC Bank lowered its savings account and money market yields today, it's still offering a 4% APY 12-month CD. I have more details about GMAC Bank in my Wednesday post.
GMAC Bank's parent, GMAC, has received approval to become a bank holding company. According to the Washington Post:
On other news, it has been reported that the FDIC is close to finding a buyer for IndyMac. I found this excerpt from this LA Times article interesting:
I guess those internet special CDs didn't amount to much in the total deposits. The question for those with IndyMac CDs is whether the new bank will choose to terminate the existing CDs instead of continuing the high rates to maturity.
Although GMAC Bank lowered its savings account and money market yields today, it's still offering a 4% APY 12-month CD. I have more details about GMAC Bank in my Wednesday post.
GMAC Bank's parent, GMAC, has received approval to become a bank holding company. According to the Washington Post:
The move gives GMAC access to new sources of funding, including a potential infusion of taxpayer dollars from the Treasury Department and loans from the Fed itself.
On other news, it has been reported that the FDIC is close to finding a buyer for IndyMac. I found this excerpt from this LA Times article interesting:
IndyMac's deposits have since fallen to $6 billion, as the FDIC has rid the bank of $6 billion in high-rate, brokered deposits and as customers pulled out another $6 billion in reaction to the bank's seizure by the government.
I guess those internet special CDs didn't amount to much in the total deposits. The question for those with IndyMac CDs is whether the new bank will choose to terminate the existing CDs instead of continuing the high rates to maturity.