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Rate Cuts - ING Direct, WaMu, E*Trade, UFB Direct & Others


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.
  • 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%)
Related Pages: 1st Constitution Bank, New York, Philadelphia, E*TRADE Bank, CNB Bank Direct, Fort Wayne, Dayton, Toledo, Lima

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Bill M
Bill M   |     |   Comment #1
E*Trade Complete Savings 3.01% from 3.30%

Just received email as of 12/19/2008
Anonymous   |     |   Comment #2
Bill M...Are you sure about the Etrade Complete Savings rate dropping? Does in go into effect tomorrow? Just asking since all over their site it still has the rate at 3.30%.
Anonymous   |     |   Comment #3
Interesting about UFB. When I opened my travellers savings, the website said "Guaranteed Rate until January 2009"
Anonymous   |     |   Comment #4
Regarding UFB, I talked to a rep today and he stated that the 4.0% rate is good through 1/1/09 for current members. On 1/1/09 it will drop down to the new lower rate. Any new account members are getting the new lower rate now.
Anonymous   |     |   Comment #5
everbank has a 4% checking account for up to $100,000 good for 3months and wachovia has a money market account at 3% good for 3 months
larkin   |     |   Comment #6
OnBank down to 3.15% from 3.65%.
Anonymous   |     |   Comment #7
Bank of Internet 3.40% to 3.20%
Bill M
Bill M   |     |   Comment #8
Anonymous at 7:12pm, yes, I received the email, I have an account with them.
Anonymous   |     |   Comment #9
Union Federal Savings 3.60 (was 3.75)
Anonymous   |     |   Comment #10
Yes, E*Trade Complete Savings just dropped to 3.01% from 3.30% on 12/20/2008.
Slick   |     |   Comment #11
Emigrant Direct dropped from 3% to 2.75%
Anonymous   |     |   Comment #13
No official word from ingdirect, but my account now says 2.5% and I've seen banner ads with the same thing

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