The drop is a 15 basis point drop from 5.26%.
Ally has lowered its online savings rate to 4.00% APY.
The bank, which failed to compete with the best rates during the entire 2022 to 2024 rate increase cycle, continues to maintain a rate well below rate leaders.
It has also lowered all of its CD rates across the board.
Jenius Bank, a division of Japan's Sumitomo Mitsui Bank, has lowered its online savings rate to 5.05% APY>
Jenius Bank has a D climate rating and is reviewed by BestCashCow here.
CIT has lowered its platinum savings rate to 4.85% APY, becoming one of the first major online banks to lower its savings rate.
The Platinum Savings rate is available to depositors with over $5,000.
Bask Bank has slashed its CD rates.
Its 18-month and 2-year CDs had been market leading until today. The 18-month was lowered from 4.90% to 4.75% APY. The 2-year fell from 4.75% to 4.50% APY. All other terms were lowered as well.
Bask Bank entered the market several years ago by offering savings accounts that pay interest in the form of American Airlines miles. While Bask's mileage savings account has not be interesting for some time, it sure seems we might be going back to an interest rate environment were it becomes worthy of consideration.
Synchrony bank has dropped is CD rates today across the board.
It also become one of the first major online banks to cut its savings rate - dropping it from 4.75% to 4.65% APY.
Depositors will probably be largely OK with this, as many other major online banks never got as high as 4.75%.
Marcus has lowered its 1-year CD rate to 4.80% from 5.00%. Two weeks ago their rate was 5.15%.
BMO Alto has slashed its CD rates. The one-year now stands at 4.75% APY (down from 5.05% yesterday). Its longer term CD rates are all now at 4% APY, except the 5-year which is 4.10% APY.
This marks a significant drop from an online bank that had previously offered some of the the most aggressive longer term CD rates.
Bask Bank has lowered its CD rates slightly. Its 12-month rate now stands at 5.25% APY and its 6-month rate now stands at 5.30% APY.
These rates are still very attractive compared to Treasurys, especially for those residing in states without state income tax.
These rates are down from 5.36% and 5.00%, respectively.