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  2. Rates in Rapid Decline - Note Regarding DepositAccounts Rate Tables

Rates in Rapid Decline - Note Regarding DepositAccounts Rate Tables

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Due to the Fed’s massive rate cut at the Sunday emergency FOMC meeting, banks and credit unions are starting to respond by making their own rate cuts to their deposit accounts. In short, this is overwhelming our rate tracking system at DepositAccounts. We are trying our best to keep our rates updated, but there are just too many rate cuts for us to quickly process. Thus, in the next couple of weeks, please be aware that the rates we list at DepositAccounts may not reflect the latest rates published by the banks and credit unions. Please make sure you verify the rate with the financial institution by visiting the institution’s website and/or by calling the institution.

For every bank and credit union, we include the institution’s web address and contact phone number in their profile page. These are in the overview section near the top of the bank profile page. When you click on the name of the institution in our rate tables, it’ll take you to this institution’s profile page. You can also reach this page by searching for a bank or credit union in the DepositAccounts search box on the top of each page.

If you don’t see a bank or credit union listed in our rate tables, it might be due to a manual review that’s underway. When our system identifies something unusual with a rate change at the institution’s website, it can temporarily delist the institution's products to minimize the listing of incorrect rates. Once the rates are manually reviewed and it’s confirmed that we’re listing the correct rates, those products will then be listed again in the rate tables. You can check to see if products from a bank are under review by checking the rates section of the bank’s profile page. Search for the bank or credit union in the DepositAccounts search box on top of each page. When you reach the bank profile page, select the rates tab, and you can see if the rates are currently being reviewed.
Comments
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44 Comments.
Tazz
  |     |   Comment #1
Bad day for lifetime savers like myself
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24
stuartn
  |     |   Comment #27
I will lose $110,000 in CD interest when I need to renew them at a ridiculously low rate. It is Trump’s fault.
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19
Thanksful
  |     |   Comment #32
How is it Trump's fault that you waited this long to worry about your interest income? Some of us took a large EWP in order to lock in our add-on CDs last summer, even when those rates were not the "top" rates at that time. You cannot blame other people for your own lack of foresight.
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9
#35 - This comment has been removed for violating our comment policy.
Tom
  |     |   Comment #36
You must have a very large amount of money in CD's or you can't count very well. At a 2% rate reduction you would need to have $5,500,000 in the bank.
Very doubtful, but, if you are that fortunate count your blessings.
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3
Ginsy Em
  |     |   Comment #37
he or she might plan to live longer than a year?

just a thought
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3
#51 - This comment has been removed for violating our comment policy.
#54 - This comment has been removed for violating our comment policy.
#55 - This comment has been removed for violating our comment policy.
2020
  |     |   Comment #2
“They blew it. The Fed panicked and the market is spooked.
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17
boomer remover
  |     |   Comment #3
why would you say that??
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4
#4 - This comment has been removed for violating our comment policy.
GreenDream
  |     |   Comment #7
#3, while it's not obvious (due to lack of citation), #2 was quoting Michael O’Rourke, chief market strategist at JonesTrading
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5
2020
  |     |   Comment #16
I didn't say that. I just quoted it.
https://finance.yahoo.com/news/wall-street-wants-even-more-014100174.html
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4
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#25 - This comment has been removed for violating our comment policy.
gregk
  |     |   Comment #5
Or would market declines be double what they are without the Fed action?
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5
anony
  |     |   Comment #6
Considering the fact that the markets tanked -- twice-- after the Fed's emergency rate cuts, I'd have to say no, the declines wouldn't be double. In fact, if the Fed rolled out the drops gradually and in smaller amounts, and not dropped rates like it's the apocalypse, I'd think the markets wouldn't decline quite as fast. But the big issue of course is that the Fed used up all its bullets when the economy was great ... now that they need them, the chamber is empty.
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22
GreenDream
  |     |   Comment #34
Not entirely empty, like Russian Roulette, there's still one bullet sitting in the chamber (negative rates) but it's a bullet you don't want to ever have fired.
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3
c_q
  |     |   Comment #20
Everyone was expecting them to move wednesday, and the only real suspense was whether it would be a 50 or 100 bp cut.

By going out of cycle, on a sunday no less, just makes the action feel more desparate, like the economy couldn't even last 4 more days without this being done. So yeah, I'd say that spooked more than if they had just waited til the normal meeting.
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15
Mak
  |     |   Comment #9
The fed blew it along time ago, starting with Greenspan.
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8
deplorable 1
  |     |   Comment #22
@2020: I agree the FED moves had the opposite effect as what was intended. The cuts were meant to instill confidence but since they didn't wait for the regular FED meetings it just added to the corona virus fears and panic.
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14
Pizzaboy
  |     |   Comment #28
Absolutely correct , surprise cuts are never good , 2 drastic cuts in a row are worse , and all the bs and so called distractions (coverups) by the white house was too much fuel , now the match is lit and dropped . Good luck to all , stay safe and healthy .
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9
Pizzaboy
  |     |   Comment #29
Of course they did , drastic surprise rate cuts 2x in a row ,WH cover ups = 2 much fuel on the situation , not containable , must run its course . Good luck to all , stay safe and healthy
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5
GlassSteagall
  |     |   Comment #52
The Fed panicked because the Don asked Chairman Powell how his knee caps were feeling.
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2
DA123
  |     |   Comment #8
Economists and analysts keep saying that the key to keeping the economy viable is consumer spending. So how is taking away interest income going to encourage spending?
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17
gregk
  |     |   Comment #10
By allowing individuals and businesses and government to borrow (and spend) money at no cost.

How many CD depositors here spend the interest as it's earned rather than accumulate it in their Certificates? Some, I would guess, but not many.
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4
CuriousDave
  |     |   Comment #23
They are clearly predicting a massive drop in public spending, Many people will be staying home for at least a few weeks, possibly a lot longer, and both the public and private sectors will be doing layoffs and furloughs, leaving less in people's pockets. Whether the Fed's action will even help in this type of situation is highly questionable, as one the one hand the Fed is trying to get people to go out and spend, while everyone is getting contradictory messages from other governmental departments - hunker down and, except for purchasing necessities like food and medications, stay away from regular buying routines as much as possible until the virus threat is over (or at least on the wane).
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4
#24 - This comment has been removed for violating our comment policy.
GreenDream
  |     |   Comment #30
So how is taking away interest income going to encourage spending?

as gregk said, it makes borrowing cheaper which makes it easier to spend money you don't have.

add to that: it discourages saving. if you aren't saving your money, what is the average person going to do with it? stuff it in their mattress? or spend it?
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3
gregk
  |     |   Comment #11
Wow, - is it a moral victory of sorts that today's drop in the Dow stayed one point below 3,000?

Anyone buying tomorrow?
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3
Over
  |     |   Comment #13
No way.......I would actually consider it-but from what I hear so much is "computer driven".......No thanks.......I have lost enough that I doubt I will ever get back.
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6
Over
  |     |   Comment #12
And now the banks offering "add-ons" will be removing previous deposits or going bankrupt.
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4
boomer remover
  |     |   Comment #14
Get ready for those 30 day letters.

Term extensions.
Lowered interest rates.
Opt In provisions.
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7
Over
  |     |   Comment #17
Yep.......Likely being printed now......"In an effort to better coordinate with our business model,,,,,,and in light of recent events in our economy......we will be lowering.........blah, blah, blah.....". Here it comes.
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4
Over
  |     |   Comment #15
Anybody starting to feel like Lloyd Bridges in 'Airplane'?? "I picked a bad week to stop sniffing glue!"........
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8
john
  |     |   Comment #18
savers take out 50 % and invest in one yr will skyrocket, leave in saving and lose to inflation badly ,a 5 yr at 1% is stupid
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5
#21 - This comment has been removed for violating our comment policy.
Jimmy Jack
  |     |   Comment #26
After many years of chasing rates, it's now time to find a better investment plan, it's staring right at you buy into a discount that may not happen again for another decade. If someone offered you a 30% discount on a gold standard (determine which industry it is for yourself) would you rather say, no thanks I'll take less than 1% for the next several years?
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5
mffarrell
  |     |   Comment #31
The market was/is overpriced
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3
GreenDream
  |     |   Comment #33
The market *was* overpriced. Not so much now. There's actually some very solid stocks that can be had at bargain prices. Prime buying opportunities for those who do their due diligence and research. The only real question is when to jump on those bargains. Jump in too early and watch the prices drop a bit more before they go back up or Jump in too late and miss out on the best prices.
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1
gregk
  |     |   Comment #40
Glib words if you ask me. I read the same weeks ago after the market had fallen its first 10%, - that the buying opportunities and bargains were now rampant. It's all just schtick and the standard banality. I don't see "sale prices" out there at all given that earnings will be falling like a rock, and the timing and strength of recovery completely uncertain when we're not even close to knowing the prospective course and outcome of COVID-19. Just what exactly is "due diligence and research" under these circumstances?
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6
Lee
  |     |   Comment #38
Carolinas Telco FCU certificate rate is wrong. Please fix it. Thanks.
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1
#39 - This comment has been removed for violating our comment policy.
Heather
  |     |   Comment #41
I will lose custody of my daughter if I don't know someone to help us please
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1
gregk
  |     |   Comment #42
Some of us have felt relieved over having "locked in" 3% or even 4% long-term CD's, but I wonder if the tables could turn down the road before too long? Not immediately, with a near depression of business activity occurring, - but is anyone else concerned over the impacts of likely unprecedented Federal spending and Fed bond buying over the next few years? When combined with declining tax intakes deficits could approach several trillion, and QE tallies several trillion more. Could a big inflation be looming as a consequence of this (with a correspondingly large increase in interest rates), or should we take comfort that that didn't happen through the last round of untethered profligacy during and after the Financial Crisis? As another poster noted somewhere else here recently, however, Treasury prices have been falling rather than rising even now, as the markets begin absorbing what's to come.

Should we worry?
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4
David Marks
  |     |   Comment #44
Relax, the two day aberration is over. The 10 year yield is back below 1%.

What are you people talking about, treasury prices are not falling. Every yield is at historic lows.
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1
gregk
  |     |   Comment #45
I don't claim to know what's going to happen in this regard, but "relaxing" seems an inappropriate response to our prospects, we being barely a few months into an unfolding meltdown.
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1
David Marks
  |     |   Comment #46
Yeah, it was silly of you to comment that treasury prices are falling after a two day bounce.
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1
gregk
  |     |   Comment #47
No sillier than you implying that because "every yield is at historic lows" at present, any concerns about inflation down the road is delusory.
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1
David Marks
  |     |   Comment #48
Friend, I did not mention anything about "inflation down the road."

I mocked your assertion that treasury prices have fallen. Absolutely nonsensical gibberish.
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1
gregk
  |     |   Comment #49
Yeah, I'm know here for nonsensical gibberish.
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1
gregk
  |     |   Comment #43
I will say too that the idea now circulating among our "leaders" of sending $1,000 or 1,200 to every taxpayer or citizen seems breathtakingly foolish to my mind and not conducive to the desired result given that I imagine probably less than half of us would likely spend it.
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1
Dcollins51
  |     |   Comment #50
Well i really haven't used any Bank because im scared of lossing it in the bank because if your not careful the bank will wined up with your money in the long run but lm going to try out the bank account an see how it goes because I'm not going to use any check's from the account i will just use the debit card so there want be able to overdraw it that way as as easy as you do with a check
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2
#53 - This comment has been removed for violating our comment policy.

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