Unfortunately, this may be a sign of where things are going through the rest of 2020.
Neighbors Bank is no longer accepting new accounts. This small MO-based bank had been offering customers across the country a 1.70% online savings rate. As of the moment, they still appear to be extending that rate to customers who have already signed up, but they aren't taking new customers.
CIBC has lowered the online savings rate offered at its US subsidiary to 1.35% APY. With some analysts suggesting that a major Canadian bank could be in trouble as a result of the collapse in oil prices, it seems like an important time to maintain your deposits within FDIC limits with this bank.
Discover Bank's online savings rate is now 1.15% APY.
Western State Bank has dropped its money market rate to 1.35% APY. The rate had been at 1.60% and Western State Bank had been an aggressive early entrant in the online savings and money market space in early 2020.
HSBC has dropped its onine savings rate to 1.30% APY. The rate may not be available in all states.
Amex Lowered its online savings rate from 1.50% APY to 1.30% APY this morning.
Discover Bank has lowered its online savings rate from 1.40% APY to 1.25% APY this morning.
CitizensAccess's online savings rate was lowered from 1.50% to 1.30% APY this morning. It CD rates were also lowered by 20 basis points. Its 1-year CD rate now stands at 1.30% APY while its 11-month No Penalty CD now stands at 1.15% APY.
Marcus, a division of Goldman Sachs, has lowered its online savings rate to 1.30%.