You can tell rates have been falling fast when national average rates that banks include in their rate sheets are higher than their own rates. Here are two snapshots of Nexity Bank's rate tables as of 1/15/09. Note how much higher the national average APYs are compared to the APYs of their CDs and money market accounts. That's not going to help them win new customers.
Banks should remove national averages from your rate sheets unless they plan to keep them up-to-date. In this rate environment, last month's national average rates may well be higher than today's competitive rates. Hat tip to the reader who emailed me news of this.
To view the latest rate changes, refer to my Daily News & Deals post. I'm updating this daily with bank rate changes and banking news. Unfortunately, there have been many more rate cuts than rate hikes.
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