This is the bank's third 10 basis point cut in less than 3 weeks. Whereas most banks make quick cuts, this Emigrant subsidiary seems to opt for something akin to water torture.
Barclays has lowered its online savings rate from 1.15% APY to 1% APY this afternoon.
Marcus has lowered its online savings rate from 1.30% APY to 1.05% APY overnight.
The 7-Month No Penalty CD that BestCashCow had recommended was lowered again to 1.00% APY.
All CDs greater than one year are now 1.10% APY, except the 5-year rate which now stands at 1.15% APY.
Goldman's subsidiary has gone from very competitive to not competitive at all in a very short period.
This Emigrant bank subsidiary has lowered its savings rate by 10 basis points for the second time in a week.
The rate had been at 1.30% APY immediately prior to this move.
Savings rates continue to fall.
CIT Bank has lowered its money market rate from 1.30% to 1.20%.
Amex has lowered the rate on its Personal Savings account.
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.