In the past week or so, several online banks have responded to the Fed rate cuts with drops of their own, including:
- Capital One 360 went from 0.80% to 0.75%. APY.
- HSBC Direct went from 4.50% to 4.25% APY.
- Emigrant Direct went from 4.75% to 4.65% APY.
Chasing Higher Yields?
- Countrywide Bank has a Savingslink savings account that pays 5.30% APY for balances over $10,000 (4.0% for under $10,000). They also have a 3-month CD paying 5.50% APY.
- Everbank has a promotional 5.51% APY for 3 months on their FreeNet checking account.
- Use my Rate Chaser Calculator to estimate how much more money you’ll make.
My personal bank setup remains the same
I still use my Washington Mutual Free Checking / 4.75% APY Savings combo as my core account, and I’m happy the rate has not dropped since going staying at 5% for a long time. Read my WaMu review for details. I then supplement this with the occasional rate-chasing when it is worth it for my large cash balances. Currently, I am still getting 6.01% APY from the older Everbank 3-month promotional rate. It’s about to end, so I’ll have to start keeping track of these things more closely again.