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%.
Banks and credit unions are now permitted to allow customers to make unlimited withdrawals from their savings and money market accounts. Banks are not required to suspend enforcement of the 6-transaction limit.
Live Oak has lowered is savings rate from 1.75% to 1.55% APY.