We're pleased to announce the BestCashCow Savings Rate Index. The index, which is a composite of the top 10 rates on the BestCashCow Savings Rate Table, helps you track the direction of bank savings rates and compare them to previous periods. We'll be adding additional historical data shortly and updating it weekly.
Last week's Index: 5.52
This week's Index: 5.54
Rates in the Top 10 stayed fairly steady despite the steep rate cut. The slight increase from 5.52 to 5.54 was due to the addition of Zions Bank to the index and not any increase in rates. While several banks cut rates, no bank increased their rate during this timeframe.
It is noteworthy that while the Fed dropped rates by half a percent last week and individual banks have cut rates, overall savings rates have remained steady.
To see all rates, please visit the BestCashCow Savings Rate Table.
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