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BestCashCow Savings Rate Index - Sept 24, 2007

Rate information contained on this page may have changed. Please find latest savings rates.

We're pleased to announce the BestCashCow Savings Rate Index. The index, which is a composite of the top 10 rates on the BestCashCow Savings Rate Table, helps you track the direction of bank savings rates and compare them to previous periods. We'll be adding additional historical data shortly and updating it weekly.

Last week's Index: 5.52

This week's Index: 5.54

Rates in the Top 10 stayed fairly steady despite the steep rate cut.  The slight increase from 5.52 to 5.54 was due to the addition of Zions Bank to the index and not any increase in rates.  While several banks cut rates, no bank increased their rate during this timeframe.

It is noteworthy that while the Fed dropped rates by half a percent last week and individual banks have cut rates, overall savings rates have remained steady.  

To see all rates, please visit the BestCashCow Savings Rate Table.


CD and Savings Rates Poised to Drop Further

Rate information contained on this page may have changed. Please find latest savings rates.

Based on the decision minutes ago by the Fed to lower the discount rate by half a percent instead of the expected quarter of a percent, rates on short term CDs and savings accounts will most likely drop. The drop may start as early as tomorrow.

Based on the decision minutes ago by the Fed to lower the discount rate by half a percent instead of the expected quarter of a percent, rates on short term CDs and savings accounts will most likely drop. The drop may start as early as tomorrow.

With the Fed dicount rate now at 5.25%, banks have no incentive to lend money out above that rate. A quick glance at the BestCashCow CD Rate Table and BestCashCow Savings Rate Table shows that quite a few banks have CDs and Savings accounts in excess of 5.35% APY.

Consumers who want to be sure they receive these rates may want to lock-in quickly.


CD and Savings Rate Review

Rate information contained on this page may have changed. Please find latest savings rates.

A review of changes in high yield CD rates and Savings rates listed on the BesstCashCow.com rate table.

Despite continued turbulence in the financial markets, and expectations the Fed will drop rates, rates on CD and high yield savings accounts stayed pretty much the same over the last week.

On the Savings Rate Chart, Umbrella bank lowered their rate slightly from 5.06% APY to 4.95% APY with a three month intro rate of 5.35% APY. No bank that we are aware of raised its savings rate.

On the CD Rate Chart, Umbrella Bank adjusted its rate slightly from 5.44% APY to 5.42% APY. Other than that, rates held steady.

Several other banks have joined the CD Rate Table this week. They include:

  • Element Financial with competitive rates in the 6 month, year, and 2 year tables.
  • Discover Bank, with competitive rates in the 6 month table.
  • Met Life bank with the second highest rate in the 2-year table. If you are willing to invest over $100,000 with Met Life Bank they pay 5.45% APY which is the highest rate we’re tracking. BestCashCow only reports CD and Savings Accounts covered by FDIC insurance.

As always, all of the banks on the rate tables are FDIC insured. If you have money in a savings account or CD earning less than 5%, check out the BestCashCow Rate Tables for a no-risk way to earn more on your money. Banks compete for your cash and you might as well benefit.

If you are aware of other bank offers that belong on the rate table, please feel free to post them below.