CD and Savings Rate Review

Despite continued turbulence in the financial markets, and expectations the Fed will drop rates, rates on CD and high yield savings accounts stayed pretty much the same over the last week.

On the Savings Rate Chart, Umbrella bank lowered their rate slightly from 5.06% APY to 4.95% APY with a three month intro rate of 5.35% APY. No bank that we are aware of raised its savings rate.

On the CD Rate Chart, Umbrella Bank adjusted its rate slightly from 5.44% APY to 5.42% APY. Other than that, rates held steady.

Several other banks have joined the CD Rate Table this week. They include:

• Element Financial with competitive rates in the 6 month, year, and 2 year tables.
• Discover Bank, with competitive rates in the 6 month table.
• Met Life bank with the second highest rate in the 2-year table. If you are willing to invest over $100,000 with Met Life Bank they pay 5.45% APY which is the highest rate we’re tracking. BestCashCow only reports CD and Savings Accounts covered by FDIC insurance.

As always, all of the banks on the rate tables are FDIC insured. If you have money in a savings account or CD earning less than 5%, check out the BestCashCow Rate Tables for a no-risk way to earn more on your money. Banks compete for your cash and you might as well benefit.

If you are aware of other bank offers that belong on the rate table, please feel free to post them below.