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.
E-Trade has upped the APY on their Complete Savings Account to 3.30%, putting it in the top 5 of online savings accounts.
E-Trade's account has a $1 minimum to open and no minimum to avoid fees.
The rate was previously 3.15%.
WTDirect's Savings Account has fallen from a 3.31% APY to a 3.16% APY.
Despite the drop, they're still in the top 10 of online savings accounts, according to Bankrate.
While rate drops have been the norm since the Fed started cutting interest rates, E-Trade upped their online savings account APY last week. Looks like the trend may not continue.
Minimum balance to get into WTDirect is $10,000, so it's not for savers starting out. But once you open it, there's no minimum to avoid fees.
Bucking the recent trend of falling APYs, E-Trade has upped the interest on their Complete Savings Account to 3.15%.
E-Trade's account was at a 3.01% APY previously.
Hopefully E-Trade's move will be followed by other banks. We'll be on the lookout.