Citizens Access has cut its savings rate to 1.85% APY, effective November 1. The rate had peaked earlier this year at 2.35%.
It has also lowered all of its CD rates by 15 to 20 basis points. The Citizens Access one-year CD, for example, now stands at 2.10% APY. Earlier in 2019, Citizens Access had offered 2.85% on this product.
Synchrony has lowered all of its CD rates yet again. Its 12-month and 13-month CDs have moved from 2.25% APY to 2.10%. Its 5-year CD has moved from 2.45% to APY to 2.30%. All of its other rates have also been lowered by 10 to 15 basis points today.
Popular Direct has lowered its online savings rate from 2.30% to 2.15%. The bank also lowered all of its online CD rates.
Ally has lowered its savings rate, yet again, in anticipation of further Fed Funds rate decreases later this year.
CIT Bank has lowered its Savings Builder rate from 2.20% to 2.10% APY.
It has also lowered all of its CD products. Its 1-Year CD and its 18-Month CD had previously been competitive at 2.20% and 2.40%, respectively. At 2.00% and 2.10%, they are not. Its longer term CD products have not been rate competitive for some time.
Sallie Mae lowered all of its CD rates dramatically today. Their 6 month CD had been at 2.20% and now stands at 1.90%. All longer rates are now either 2.30% ro 2.35%. This marks a dramatic decline for a bank which had aimed to keep its rates competitive. We'd be very cautious about going out beyond 15 months at this point as it is unlikely Sallie can survive should Elizabeth Warren be elected President.
Marcus, Goldman Sachs' online bank, has lowered the rate on all of its CD offerings by at least 15 basis points. Their one-year CD product is now at 2.25%, down from 2.40%. They have also eliminated all of their No Penalty CDs, except the 7-month one which is now offered at 2.10%. BestCashCow previously wrote very favorably about the No Penalty CDs, and we still see the 7-Month No Penalty CD as being an attractive alternative to their 2.00% savings online rate.
Citizens Access has cut its savings rate to 2.00%, effective 9/11.
CIT has lowered its savings builder rate to 2.20% from 2.30%. The account peaked at 2.45% earlier this year. It continues to require a $25,000 balance or a $100 monthly deposit. This Savings Builder account is still more competitive than the savings and money market account rates at most other major online banks.
Synchrony has cut its online savings rate to 2.00% APY. Once very competitive in the online savings and CD market, Synchrony's savings and CD offerings are no longer competitive.