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Retirement Savings: How Much Should I Save Each Month?Rate Cuts - ING Direct, WaMu, E*Trade, UFB Direct & Others
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POSTED
ON BY Ken Tumin
I'm afraid many banks are not wasting any time cutting deposit rates after Tuesday's historic Fed rate cut. Checking, savings and CD rates are all going down.
One interesting thing to note is that ING Direct didn't cut their Orange Savings account yield. It's still 2.75% APY. However, their CD rates and Electric Orange checking account rates were slashed. For balances of under $50K, the checking now only pays 0.50% APY. That's getting close to zero.
WaMu's online savings account yield is also getting close to zero. WaMu yet again lowered the yield on this account. It's now 1.50% APY (down from 2% APY).
Below are a few more of the recent checking and savings account rate drops. I'll provide a full update in my Saturday weekly rate summary.
One interesting thing to note is that ING Direct didn't cut their Orange Savings account yield. It's still 2.75% APY. However, their CD rates and Electric Orange checking account rates were slashed. For balances of under $50K, the checking now only pays 0.50% APY. That's getting close to zero.
WaMu's online savings account yield is also getting close to zero. WaMu yet again lowered the yield on this account. It's now 1.50% APY (down from 2% APY).
Below are a few more of the recent checking and savings account rate drops. I'll provide a full update in my Saturday weekly rate summary.
- UFB Direct Traveler Savings - 3.15% APY (was 4%)
- 1st Constitution Direct 3mo promo - 3.75% APY (was 4%)
- GCF Bank's CyberSaver 3mo promo - 3.00% APY (was 4%)
- CNB Bank Direct - 3.50% APY (was 3.75%)
- Corus MMA - 3.65% APY (was 3.75%)
- UmbrellaBank MMA - 2.75% APY (was 3.40%)
- E*Trade Max-Rate Checking - 2.25% APY (was 2.90%)
- WaMu Online Savings - 1.50% APY (was 2.00%)
- ING Direct Electric Orange - 0.50% APY under $50K, 2.85% APY $50K-$100K, 3.05% APY $100K+ (was 1%/2.90%/3.25%)