Savings Rate Continue Dropping - BestCashCow Savings Rate Index - Oct. 17

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

The average rate on the top 10 savings accounts dropped for the third straight time as banks continue to bring rates down.

The average rate on the top 10 savings accounts dropped for the third straight time as banks continue to bring rates down.  The average rate on 10/17/2007 was 5.29% APY versus 5.44% APY two weeks ago.  Almost every bank adjusted their rates down.

Over the last month, the top banks have dropped their rates 29 basis points, less than the 50 basis point reduction engineered by the Fed.  Analysts expect that rates will continue to fall and that eventually most major banks will be at or below 5% APY. 

Today, consumers can still get rates in the mid 5%s.

To see a list of the top rates, visit the BestCashCow Savings Rate table.


BestCashCow Savings Rate Index - Oct 3, 2007

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

The index dropped 10 basis points over the last week according to the BestCashCow savings rate index. Banks are lowering their high yield savings account rates.

The BestCashCow Savings Rate Index shows a 10 basis point drop over the past week.  The impact of the Fed's rate cut is starting to be felt in high yield savings accounts.  While the top rate remains 6.01% APY (this is a 3 month guaranteed promo rate) the second best rate fell from 6.00% APY to 5.6% APY as FNBO's savings promotion ended.  Other banks in the Top 10 also dropped rates.,

Last week's Index: 5.54

This week's Index: 5.44

The BestCashCow Savings Rate Index is an  average of the top 10 rates on the BestCashCow Savings Rate Table.  The  index 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.

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


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 chart, 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.

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 Zion's 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.  Anotherwords, you can get just as high a rate this week as you could last week.

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