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.
Ally has dropped its online savings rate to 1.90% and is no longer competitive with the best rates available. Customers should consider moving their assets with Ally to its No Penalty CD products or perhaps its CD products which remain competitive.
Purepoint Financial has lowered its savings rate by 20 basis points today. Its savings rate now stands at 2.15%. This move follows recent moves to lower all of its CD rates and its No Penalty CD rate.
Synchrony has lowered their online savings rate by 10 basis points from 2.25% to 2.15% APY. They have also lowered all of the CD rates today.
Sallie Mae has dropped its money market rate from 2.30% to 2.20%. Its 1-Year CD had been attractive at 2.75%, but is now 2.65%.
Citizens Access has dropped its savings rate by 15 basis points to 2.20%. It has also lowered all of its CD rates. See all of Citizens Access's current rates here.
Purepoint's 13-Month No Penalty CD is a product that we recommended when it launched at 2.60% and continued to recommend at 2.50%. The rate has now been cut to 2.00% and depositors should now look to the higher No Penalty rates from Marcus and Ally first.