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.
There is a risk in opening an online savings account with a bank you've never heard of, even if you it is offering 2.50% APY. You could just wake up one Labor Day morning and find that the offer and the account has entirely disappeared from that bank's website!
Citizens Access has slashed its CD rates again for the third time in less than two months. This time all rates have been cut by 25 basis points. The bank has gone from offering the most attractive CD rates across virtually all maturities to no longer being competitive. If you are interested in seeing their rates, click here.
Marcus has cut its online savings rate from 2.15% to 2.00%. As BestCashCow has advised for some time, depositors here would be well advised to consider moving their deposits to the bank's No Penalty CD products.
Synchrony Bank has lowered its CD rates again this morning. Their 1-year rate is now 2.45% from 2.50% and their 5-year CD is now 2.65% from 2.80%. Other maturities were also adjusted downward.
Ally has dropped its 11-Month No Penalty CD rate to 2.20%. The product, which BestCashCow had strongly recommended while the rate stood at 2.30% APY, has a $25,000 minimum deposit requirement. See all special term CDs here.
The rate on Marcus's 13 Month No Penalty CD product, which BestCashCow had strongly recommended since its launch late in 2018 at 2.35%, has fallen to 2.15% APY. Marcus has also added a 7-month No Penalty product at 2.25% and a 11-month No Penalty product at 2.20%. We don't find these products as compelling. See all online special term CDs here.
ETrade says not to worry because their rates are still 17x the market rate. But, this is well below any line in the sand that we suggested depositors draw.