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E-Trade, whose complete savings account had been sitting at a nice 3.30% APY, is falling to 3.01%.
The bank directly relates the drop to the recent Fed rate cut, which will surely lead to other rate drops.
E-Trade's rate will be dropping at the end of the day, Friday 12/19/08.
If you're looking to jump ship, check out ING Direct at 2.75%, FNBO at 3.25%, WTDirect at 3.06% and HSBC at 3.00%. Dollar Savings Direct is currently king at 4.00%.
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