The bank cut its benchmark online savings rates by 10 basis points, marking its second rate decline in two months. They are hoping customers won't mind the declines even though the Fed funds rate is steady
Marcus by Goldman Sachs is hoping you won't mind getting a lower savings rate, even while interest rates are rising. They lowered their online savings rate by 10 basis points today to 4.40%. Their 6-month, 9-month, 12-month and 18-month offers offerings are also 10 basis points lower, while their 24-month has fallen by 20 basis points.
Whether you are in Ally's online savings or its online money market account, your rate just went down by 10 BPS.
Colorado Federal Savings Bank had a top yielding 12-month CD but they have lowered their rate today to 5.30% APY.
CIBC US has discontinued offering its one-year CD product. They offered 5.51% APY and the product only had a 1-month early withdrawal penalty. It has been replaced with other products that are not as compelling.
BMO Alto lowered its 1-year CD from 5.30 to 5.15% APY this morning.
BMO offered outstanding CD rates in December. Now, two months later they are no longer rate competitive.
Jenius Bank is the new online division of SMBC, the large Japanese bank.
Its online savings rate had previously stood at 5.10% APY.
Valley Direct has lowered its online savings rate by 20 bps.
Citizens has lowered its online 1-year CD rate from 5.50% to 5.00% APY.
Its online savings rate remains at 4.50% APY.
Marcus has lowered its 1-year CD rate from 5.50% APY to 5.35% APY.