The news that the Federal Reserve cut a key interest rate to near zero on Tuesday may have pushed the stock market up more than 300 points, but for savers, there's a downside.
Almost consistently, when the Fed has cut rates, savings accounts have dropped in reaction.
Given that it's been a while since the last round of rate cuts, don't be surprised if you get a notification (or not, if you use E-Loan) that your APY is dropping.
While I'm not normally a rate chaser, there are still a number of great APYs available.
Dollar Savings Direct is at 4.00% APY, by far the highest available among the big names.
Other options include ING Direct at 2.75%, FNBO at 3.25%, WTDirect at 3.06% and HSBC at 3.00%.
