Bank Rates Continue To Fall
What a crazy last few weeks! Almost every major online bank has dropped their rates twice in the last two weeks. That’s right, twice! I won’t go into the exact chronology of who dropped to what rate and then dropped to what rate, but suffice it to say, your best bets right now are to lock in a good certificate of deposit rate and then try to wait things out. Forget the money markets, forget trying to get a good rate with high yield savings accounts, to ensure a good rate you’ll have to go with a certificate of deposit.
The damage, as it now stands is:
- Dollar Savings Direct - 3.50% APY
- FNBO Direct - 2.60% APY
- EverBank - 3.51% APY Promotion Rate
- WTDirect - 2.81% APY
- E*Trade - 2.50% APY
- ING Direct - 2.20% APY