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Popular Direct Lowers Online Savings Rate
Oct 22, 2019

Popular Direct has lowered its online savings rate from 2.30% to 2.15%.   The bank also lowered all of its online CD rates.


Ally Reduces Savings Rate From 1.90% to 1.80%
Oct 9, 2019

Ally has lowered its savings rate, yet again, in anticipation of further Fed Funds rate decreases later this year.


CIT Bank Lowers Savings Builder, Makes CD Rates Entirely Non-Competitive
Oct 1, 2019

CIT Bank has lowered its Savings Builder rate from 2.20% to 2.10% APY.   

It has also lowered all of its CD products.   Its 1-Year CD and its 18-Month CD had previously been competitive at 2.20% and 2.40%, respectively.   At 2.00% and 2.10%, they are not.   Its longer term CD products have not been rate competitive for some time.


Sallie Mae Lowers All Of Its CD Rates Dramatically
Sep 25, 2019

Sallie Mae lowered all of its CD rates dramatically today.   Their 6 month CD had been at 2.20% and now stands at 1.90%.   All longer rates are now either 2.30% ro 2.35%.   This marks a dramatic decline for a bank which had aimed to keep its rates competitive.   We'd be very cautious about going out beyond 15 months at this point as it is unlikely Sallie can survive should Elizabeth Warren be elected President.


Marcus Cuts All CD Rates by at Least 15 Basis Points, Eliminates Some Products
Sep 13, 2019

Marcus, Goldman Sachs' online bank, has lowered the rate on all of its CD offerings by at least 15 basis points.   Their one-year CD product is now at 2.25%, down from 2.40%.   They have also eliminated all of their No Penalty CDs, except the 7-month one which is now offered at 2.10%.   BestCashCow previously wrote very favorably about the No Penalty CDs, and we still see the 7-Month No Penalty CD as being an attractive alternative to their 2.00% savings online rate. 


Citizens Access Cuts Savings Rate to 2.00%
Sep 10, 2019

Citizens Access has cut its savings rate to 2.00%, effective 9/11.


CIT Bank Lowers Savings Builder
Sep 10, 2019

CIT has lowered its savings builder rate to 2.20% from 2.30%.   The account peaked at 2.45% earlier this year.   It continues to require a $25,000 balance or a $100 monthly deposit.   This Savings Builder account is still more competitive than the savings and money market account rates at most other major online banks.


Synchrony Cuts its Online Savings Rate to 2.00% APY
Sep 4, 2019

Synchrony has cut its online savings rate to 2.00% APY.   Once very competitive in the online savings and CD market, Synchrony's savings and CD offerings are no longer competitive.


Northern Bank Direct Makes Its Savings Rate Disappear
Sep 2, 2019

There is a risk in opening an online savings account with a bank you've never heard of, even if you it is offering 2.50% APY.  You could just wake up one Labor Day morning and find that the offer and the account has entirely disappeared from that bank's website!   


Citizens Access Drops All Of Its CD Rates Again
Aug 27, 2019

Citizens Access has slashed its CD rates again for the third time in less than two months.   This time all rates have been cut by 25 basis points.  The bank has gone from offering the most attractive CD rates across virtually all maturities to no longer being competitive.   If you are interested in seeing their rates, click here.