Purepoint's 13-Month No Penalty CD is a product that we recommended when it launched at 2.60% and continued to recommend at 2.50%. The rate has now been cut to 2.00% and depositors should now look to the higher No Penalty rates from Marcus and Ally first.
Purepoint has slashed all of its CD rates by 50 basis points. The one-year CD has moved from 2.75% to 2.25% and the five-year has moved from 3.00% to 2.50% overnight. While Purepoint has instantly removed itself from competitiveness on the CD front, the 13-month no penalty CD remains a very attractive savings alternative at 2.50%.
The Goldman Sachs subsidiary became the first major online bank to lower its online savings rate. The move is in anticipation of a Fed Funds rate cut at the end of July.
Live Oak lowered all of its CD rates this morning. Its 1-year CD product moved from 2.80% to 2.75%, leaving it just below the most competitive 1-year products.
Colorado Federal Savings Bank has begun offering an 11-Month No Penalty CD at 2.35%. BestCashCow has recommended that investors look at No Penalty CDs as an effective way to lock in current interests rates for the remainder of 2019 and much of 2020 without losing liquidity. Ally, Marcus and Purepoint have attractive offerings in this space, and Colorado is now a 4th interesting offer. The rate, however, is lower than Purepoint's and the term is 2 months shorter than Marcus's.
Synchrony has dropped all of its CD rates again. It is a clear sign that expectations about future interest rates have changed when an online bank that had been one of the most competitive in the market reduces rates dramatically.
Marcus has lowered its 1-year CD rate from 2.70% to 2.60%. See the best online one-year CD rates here and see online-year CD rates near you here.
Marcus has lowered its 5-year CD rate from 3.00 to 2.90%. See the best online five-year CD rates here and the see rates at banks near you here.
Ally Bank has lowered its 12-Month CD rate from 2.70% to 2.60%. See all of the highest online 1-year CD rates here.
Purepoint has lowed its one-year CD rate to 2.75%. This continues a trend that we are seeing of declining premiums in all CD categories.
CitizensAccess has dropped its 6-month and 1-year CD rates. The new rates are 2.20% and 2.70%, respectively. The 1-year rate has gone from being the best CD rate available nationally to being not competitive. See the best 1-year CD rates here.