CIBC US has discontinued offering its one-year CD product. They offered 5.51% APY and the product only had a 1-month early withdrawal penalty. It has been replaced with other products that are not as compelling.
BMO Alto lowered its 1-year CD from 5.30 to 5.15% APY this morning.
BMO offered outstanding CD rates in December. Now, two months later they are no longer rate competitive.
Jenius Bank is the new online division of SMBC, the large Japanese bank.
Its online savings rate had previously stood at 5.10% APY.
Valley Direct has lowered its online savings rate by 20 bps.
Citizens has lowered its online 1-year CD rate from 5.50% to 5.00% APY.
Its online savings rate remains at 4.50% APY.
Marcus has lowered its 1-year CD rate from 5.50% APY to 5.35% APY.
BMO lowered its 5-year, 4-year and 3-year CD rates today. The rates had been 5.25%, 5.20% and 5.10% and are now 4.90%, 4.90% and 5%, respectively.
First Foundation Bank has introduced an Online Money Market account with a 5.25% rate. This rate is among the most competitive currently offered for online savings and money market accounts.
The bank continues to offer an online savings rate of 5.00%. Prior customers who are seeking the new rate can contact the bank and ask for a product change.
Discover recenrtly raised their 1-year CD rate from 5.00% to 5.20% APY
Forbright Bank has introduced a 9-month CD at 5.75% APY.
The bank continues to offer a 1-year CD at 5.65% APY.
Both of these products are very compelling for anyone seeking to lock in rates for the short-term and to invest in a bank that is pursuing a carbon-free future.