Savings Rate Continue Dropping - BestCashCow Savings Rate Index - Oct. 17

Article Submitted by: BestCash Admin
Savings - Checking - CDs


The average rate on the top 10 savings accounts dropped for the third straight time as banks continue to bring rates down.

 

Submitted: Oct 17, 2007    Views: 242    Comments: 0    Likes: 5   


The average rate on the top 10 savings accounts dropped for the third straight time as banks continue to bring rates down.  The average rate on 10/17/2007 was 5.29% APY versus 5.44% APY two weeks ago.  Almost every bank adjusted their rates down.

Over the last month, the top banks have dropped their rates 29 basis points, less than the 50 basis point reduction engineered by the Fed.  Analysts expect that rates will continue to fall and that eventually most major banks will be at or below 5% APY. 

Today, consumers can still get rates in the mid 5%s.

To see a list of the top rates, visit the BestCashCow Savings Rate table.




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