In the past week or so, several online banks have responded to the Fed rate cuts with drops of their own, including:
ING Direct went from 4.20% to 4.10%. APY.
HSBC Direct went from 4.50% to 4.25% APY.
Emigrant Direct went from 4.75% to 4.65% APY.
Chasing Higher Yields?
Countrywide Bank has a Savingslink savings account that pays 5.30% APY for balances over $10,000 (4.0% for under $10,000). They also have a 3-month CD paying 5.50% APY.
Everbank has a promotional 5.51% APY for 3 months on their FreeNet checking account.
I still use my Washington Mutual Free Checking / 4.75% APY Savings combo as my core account, and I’m happy the rate has not dropped since going staying at 5% for a long time. Read my WaMu review for details.
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