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Total Direct Bank's Money Market is now At 5.01% APY ($25,000 minimum)
Nov 22, 2024

Total Direct recently lowered its online money market rate from 5.11% to 5.01% APY.  The account requires a $25,000 minimum.


Bread Drops Its Savings Rate Again
Nov 22, 2024

Bread dropped its savings rate from 4.75% to 4.65% APY this morning.

They have also lowered their 6-month CD rate to 4.70% APY.

The slow drip-drip-drip continues from a bank that was aggressively raising its rates this time last year.


BMO Alto Drops CD Rates Again
Oct 28, 2024

BMO Alto has dropped its CD rates again.Their 6-Month CD rate now stands at 4.50% APY and their 12-month rate is 4.30%.


Total Direct Bank Drop Money Market Rate to 5.11% APY
Oct 17, 2024

The drop is a 15 basis point drop from 5.26%.


Ally Brings Online Savings Down to 4% APY
Sep 26, 2024

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 Lowers Online Savings Rate by 20 bps to 5.05% APY
Sep 18, 2024

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 Lowers Platinum Savings to 4.85%
Sep 10, 2024

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.

Note: the Platinum Savings rate has been subsequently lowered from this rate.


Bask Bank Slashes CD Rates
Sep 9, 2024

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 Slashes CD and Online Savings Rates
Aug 27, 2024

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 by Goldman Sachs Lowers 1-Year CD Rate Again
Aug 22, 2024

Marcus has lowered its 1-year CD rate to 4.80% from 5.00%.  Two weeks ago their rate was 5.15%.