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The average rate on the top 10 savings accounts dropped for the third straight time as banks continue to bring rates down.

The index dropped 10 basis points over the last week according to the BestCashCow savings rate index. Banks are lowering their high yield savings account rates.

Citibank just raised the rate on their Citibank Ultimate Money Market Account to 5% APY. Business customers can also get the high rate.

Based on the decision minutes ago by the Fed to lower the discount rate by half a percent instead of the expected quarter of a percent, rates on short term CDs and savings accounts will most likely drop. The drop may start as early as tomorrow.

A review of changes in high yield CD rates and Savings rates listed on the BesstCashCow.com rate table.

I just received a flyer in the mail advertising ING's Electric Orange account. In speaking with many people, I often hear that the inconvenience of waiting to access the money is one concern since it usually takes 2-3 days to remove funds from an online bank. ING now provides its customers with the ability to withdraw the money via the ATM ($1,000 daily limit) or via a debit card (as much money as in the account).

Someone, please answer this question! Why do the masses still stash their money in low rate savings accounts from the big banks like BofA, Citibank, and Chase? There is a big difference between their rates and the market leaders.