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[Updatable] Savings Account Rate Decreases Thread

racecar
  |     |   628 posts since 2014

With the Fed virtually certain to cut rates in 2 weeks, let this thread be the place to post on, and examine, the various rate cuts that are sure to follow.

Let's see which places cut their savings rates in proportion to the Fed... which ones cut them even more... and if there are any that cut them less.

Under the old "never let a good crisis go to waste" adage, my hunch is that virtually all FIs will slash their savings rates much more than the Fed cut, out of pure greed. While CDs have locked rates and FIs must consider the entire length of the term, Savings Acct rates can change daily and should simply reflect what the Fed does. (Yeah, right). We shall see!

I know some have already prematurely cut a bit (which doesn't speak well of them), but let's see what happens after the Fed meets in 2 weeks. We'll soon see how decent various places are... or not.

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gbp84
  |     |   92 posts since 2024
I predict that CIT Bank will not be overly greedy if the FFR (federal funds rate) is lowered next week. After a recent decrease, CIT Bank’s Platinum Savings rate is currently 4.85% for balances of $5k or more. My guess is they will lower their rate the same as the FFR. So, if the FFR is lowered by 0.50%, then I predict CIT Bank’s Platinum Savings rate will be 4.35%.
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w00d00w
  |     |   360 posts since 2012
deleted by author of comment
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floridaguy
  |     |   6 posts since 2023
Bread Savings HYSA reduced their interest rate to 5.10 apy today from 5.15.
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milty
  |     |   1,689 posts since 2018
I also assume the FIs will cut their savings account rates, but what I'm interested in seeing is if the trend continues where these savings accounts pay a higher rate than longer-term CDs. This has been and is still the trend since the Treasury bond inversion back in October 2022.
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decades
  |     |   124 posts since 2010
Yahoo finance has got to be the biggest cheerleader for cutting rates. Lead article about how much the fed will cut every day for the last year
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racecar
  |     |   628 posts since 2014
Interestingly, as CD rates are slashed everywhere, and some savings accts have cut rates, many have not yet.
"Dollar Direct" is still at 5%
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floridaguy
  |     |   6 posts since 2023
This is not really a savings account, but looking at Primis Bank's website today, it looks like they have eliminated their Novus checking account promotion with the 6% APY for six months for new accounts with at least a $1200 monthly direct deposit. They still have the 5.07% apy checking option.
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