The BestCashCow Savings Rate Index shows a 10 basis point drop over the past week. The impact of the Fed's rate cut is starting to be felt in high yield savings accounts. While the top rate remains 6.01% APY (this is a 3 month guaranteed promo rate) the second best rate fell from 6.00% APY to 5.6% APY as FNBO's savings promotion ended. Other banks in the Top 10 also dropped rates.

Last week's Index: 5.54

This week's Index: 5.44

The BestCashCow Savings Rate Index is an average of the top 10 rates on the BestCashCow Savings Rate Table. The index helps you track the direction of bank savings rates and compare them to previous periods. We'll be adding additional historical data shortly and updating it weekly.

To see all rates, please visit the BestCashCow Savings Rate Table.

Citibank just raised the rate on their Citibank Ultimate Money Market Account to 5% APY. Business customers can also get the high rate. In order to get the rate, customer must:

• Apply online or via the phone and link it to a Citibank EZ Checking, Citibank Account, Citibank Everything Counts or Citigold Account. There are no fees or minimum balances to open an EZ Checking acount.
• Must make at least two electronic bill payments, through Citibank� Online, Citi Mobile(SM) or Citiphone Banking, from your linked checking account during the calendar month preceding the statement cycle date.

Business customers interested in the Business Ultimate Money Market Account must maintain $50,000 or more and have a CitiBusiness Checking Account. In addition, the money cannot be transferred from an existing Citibank account.

Check to see how this compares to other high yield savings accounts with the BestCashCow Savings Rate Table.

We're pleased to announce the BestCashCow Savings Rate Index. The index, which is a composite of the top 10 rates on the BestCashCow Savings Rate Table, helps you track the direction of bank savings rates and compare them to previous periods. We'll be adding additional historical data shortly and updating it weekly.

Last week's Index: 5.52

This week's Index: 5.54

Rates in the Top 10 stayed fairly steady despite the steep rate cut. The slight increase from 5.52 to 5.54 was due to the addition of Zions Bank to the index and not any increase in rates. While several banks cut rates, no bank increased their rate during this timeframe.

It is noteworthy that while the Fed dropped rates by half a percent last week and individual banks have cut rates, overall savings rates have remained steady.

To see all rates, please visit the BestCashCow Savings Rate Table.