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.
Purepoint has slashed all of its CD rates by 50 basis points. The one-year CD has moved from 2.75% to 2.25% and the five-year has moved from 3.00% to 2.50% overnight. While Purepoint has instantly removed itself from competitiveness on the CD front, the 13-month no penalty CD remains a very attractive savings alternative at 2.50%.
The Goldman Sachs subsidiary became the first major online bank to lower its online savings rate. The move is in anticipation of a Fed Funds rate cut at the end of July.
Live Oak lowered all of its CD rates this morning. Its 1-year CD product moved from 2.80% to 2.75%, leaving it just below the most competitive 1-year products.
Colorado Federal Savings Bank has begun offering an 11-Month No Penalty CD at 2.35%. BestCashCow has recommended that investors look at No Penalty CDs as an effective way to lock in current interests rates for the remainder of 2019 and much of 2020 without losing liquidity. Ally, Marcus and Purepoint have attractive offerings in this space, and Colorado is now a 4th interesting offer. The rate, however, is lower than Purepoint's and the term is 2 months shorter than Marcus's.
Synchrony has dropped all of its CD rates again. It is a clear sign that expectations about future interest rates have changed when an online bank that had been one of the most competitive in the market reduces rates dramatically.