Ally Bank has lowered its online savings rate by 10 basis points today.
Marcus has lowered all of its attractive CD rates. Your rate on new CDs from one to four years is now 1.85% APY which is hardly attractive. The 7 month no penalty CD product remains. The rate there is 1.70%. That is more attractive.
My Savings Direct, a division of Emigrant, is continuing its drip-drip-drip lowering of savings rates with rates now at 1.60% APY. While a lowering of rates is perfectly understandable in the current environment, it is disappointing to long-term customers as Emigrant is currently offering a 1.80% APY rate in its Dollar Savings Direct accounts.
Barclays became the first of the major online bank to lower its online savings rate earlier today when it lowered its online savings rate to 1.60%.
The bank has also lowered all of its CD rates by 15 basis points.
Marcus has lowered its 12-month CD rate from 2.15% APY to 2.05% APY.
CFG has lowered its money market accounts rate to 2.05% APY from 2.15% APY. The account requires a $25,000 minimum, and only permits daily withdrawals up to $5,000 (and monhtly withdrawals up to $30,000).
SGFI Direct has lowered its online savings rate from 1.91% APY to 1.86% APY.
Bank of Montreal Harris has been aggressively trying to move into the US online banking system with offers that are available only in certain states. That rate offered by BMO has been lowered now from 1.95% APY to 1.85%.
Quontic Bank had been very competitive with its money market rate for deposits holding at 2.05% APY until now. However, it has now slashed that rate to 1.76% APY.