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

Rate information contained on this page may have changed. Please find latest savings rates.

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 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.

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to financial literacy and bank transparency. Since co-founding this website in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

Your code to embed this article on your website* :

*You are allowed to change only styles on the code of this iframe.

 

Comments

Add your Comment