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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
Tazz
  |     |   Comment #1
Bad day for lifetime savers like myself
2020
  |     |   Comment #2
“They blew it. The Fed panicked and the market is spooked.
boomer remover
  |     |   Comment #3
why would you say that??
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
2020
  |     |   Comment #16
I didn't say that. I just quoted it.
https://finance.yahoo.com/news/wall-street-wants-even-more-014100174.html
gregk
  |     |   Comment #5
Or would market declines be double what they are without the Fed action?
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.
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.
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.
Mak
  |     |   Comment #9
The fed blew it along time ago, starting with Greenspan.
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.
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 .
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
GlassSteagall
  |     |   Comment #52
The Fed panicked because the Don asked Chairman Powell how his knee caps were feeling.
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?
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.
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).
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?
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?
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.
Over
  |     |   Comment #12
And now the banks offering "add-ons" will be removing previous deposits or going bankrupt.
boomer remover
  |     |   Comment #14
Get ready for those 30 day letters.

Term extensions.
Lowered interest rates.
Opt In provisions.
Over
  |     |   Comment #15
Anybody starting to feel like Lloyd Bridges in 'Airplane'?? "I picked a bad week to stop sniffing glue!"........
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
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?
mffarrell
  |     |   Comment #31
The market was/is overpriced
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.
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?
GreenDream
  |     |   Comment #70
Well, the solid stocks I bought at bargain prices in March are up considerably now (despite the past week of the markets being down. My portfolio of stocks bought during COVID-19 is well into the black, thank you very much). So I'd say it was more than glib words.

You didn't see because you didn't look. COVID-19 is a temporary state of affairs, eventually businesses will be reopened. When buying stocks, invertors think long term, gamblers think short term.

Due diligence is looking at the companies (what market segment are they in, what impacts has COVID-19 had or is likely to have on their business - some businesses serve market segments that actually benefited from COVID-19 but their stocks were down mid-march just as much as the businesses that didn't) and their balance sheets (do they have the cash on hand to weather the storm or are they already loaded up with massive debt) and their history (how did they manage previous economic bad times and do they still have the capabilities to do so now) etc. There's no magic to doing due diligence other than using your brain and thinking (and not just about the now, but about the future) as you look at the data.
Lee
  |     |   Comment #38
Carolinas Telco FCU certificate rate is wrong. Please fix it. Thanks.
Heather
  |     |   Comment #41
I will lose custody of my daughter if I don't know someone to help us please
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?
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.
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.
David Marks
  |     |   Comment #46
Yeah, it was silly of you to comment that treasury prices are falling after a two day bounce.
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.
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.
gregk
  |     |   Comment #49
Yeah, I'm know here for nonsensical gibberish.
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.
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
kon
  |     |   Comment #59
I have noticed over a 50 year time frame,rates go up and down, I just thank the Lord for each new day and add to my dollar amount and I will have enough fr my children when I leave this earth and I'm not taking any money with me so rates don't excite me much just noticed I have more each day than when I started saving---enjoy the day!
GreenDream
  |     |   Comment #71
Well you may have more in absolute terms but do you have more in real terms? (IE How does the value of your money compare with the value it had when you started). Money sitting in a brick and mortar bank that's earning you 0.1% interest will leave you with "more each day than when you started" in absolute terms but if Inflation is 2%, the real value of your money will be less each day than when you started.
MarketingIFCU
Department Of The Interior Credit Union   |     |   Comment #62
Can we find out why Interior FCU isn't being listed for over a month?
blazer9
  |     |   Comment #63
Under Review

But seeing non competitive rates
Danger
  |     |   Comment #64
Why do I have unknown addresses on my status of accounts
Kat
  |     |   Comment #69
My husband has a account there the said that he has to pay a activation fee before he can get the money
Brandy bienvenu
  |     |   Comment #73
I don't know what to do .i knew something was terribly wrong. I've been getting the run around please help
GreenDream
  |     |   Comment #74
You'll need to provide more details about what you want help with before anyone can even try to help you.
Shanthony
  |     |   Comment #79
I Really Love the Help it get straight and direct too the point
Edwardpetties
  |     |   Comment #80
find my direct deposit and how much why do I have an account
kib
  |     |   Comment #82
I'm guessing it's under review, but I have to say that Tab Bank (Transportation Alliance) has been a prime offender. Within barely enough time to switch over my autopays, maybe 5 months, it's gone from 4% on $50,000 to 4% on $25,000 to 3% on $25,000 to, today, 2% on $25,000. Apparently they're going to lower the rate once or twice a month until they're competitive with Bank of America.
111
  |     |   Comment #83
Kib - Actually the sequence was: 1) drop rate from 4% to 3%, 2) drop max from 50K to 25K, and (today) drop rate to 2%. At least, that's what happened to me, so I assume that's what they did generally. Even worse, it's only been 3 months, not 5! Your post prompted me to check, and the email I got on their first reduction (4% to 3%) was sent 3/29/20. (Their website now confirms the 2%).

I have always generally supported RCAs, but lately TAB has been the poster child for what not to do. Other RCAs have NOT dropped nearly as fast or far. TAB has now been put into the “suspended animation” ward - I'll leave about $2 in the account but keep it open since there are no fees, and the $25K will probably go into an add-on CD started in 2018. As current yields decline, at some point a guaranteed higher yield trumps liquidity.

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