My Savings Direct, a division of Emigrant, is continuing its drip-drip-drip lowering of savings rates with rates now at 1.60% APY. While a lowering of rates is perfectly understandable in the current environment, it is disappointing to long-term customers as Emigrant is currently offering a 1.80% APY rate in its Dollar Savings Direct accounts.
Barclays became the first of the major online bank to lower its online savings rate earlier today when it lowered its online savings rate to 1.60%.
The bank has also lowered all of its CD rates by 15 basis points.
Marcus has lowered its 12-month CD rate from 2.15% APY to 2.05% APY.
CFG has lowered its money market accounts rate to 2.05% APY from 2.15% APY. The account requires a $25,000 minimum, and only permits daily withdrawals up to $5,000 (and monhtly withdrawals up to $30,000).
SGFI Direct has lowered its online savings rate from 1.91% APY to 1.86% APY.
Bank of Montreal Harris has been aggressively trying to move into the US online banking system with offers that are available only in certain states. That rate offered by BMO has been lowered now from 1.95% APY to 1.85%.
Quontic Bank had been very competitive with its money market rate for deposits holding at 2.05% APY until now. However, it has now slashed that rate to 1.76% APY.
Synchrony Bank has lowered their online savings rate to 1.70%. Unlike many of their competitors - such as Purepoint, Marcus, Citizens, Ally - Synchrony is not offering a No Penalty CD as a savings alternative. Check No Penalty CD rates here.
My Savings Direct has lowered its online savings rate to 1.80% APY. The Emigrant Direct subsidiary's rate is now a far cry from where it peaked at 2.50% in the Spring of 2019.