Tag: high yield savings account rates

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banking

E-Trade Lowers Savings Account Rates Again

Adding to a long string of rate cuts at most high yield savings accounts, E*Trade dropped their rates yet again. This comes less than two weeks after their last rate cut, which slashed the rates from 3.01% APY to 2.50% APY.

E*Trade high yield savings account rates as of Feb 15, 2008


As of today, E*TRADE Bank officially cut their high yield savings rate from 2.50% APY to 2.15% APY.

Will this be the last rate cut? Unfortunately, I doubt it. I have a strong suspicion that we will continue to see more rate cuts in the near future. AS long as the Fed keeps the prime rates at or near 0% and banks continue to hold a vice grip on their purse strings, we will continue to see rate drops.

All of the top high yield savings rates have dropped in the last few months, including those from well known banks like ING Direct, HSBC Direct, WTDirect, FNBO Direct, and more. Some have slashed their rates as much as 30% or more – just in the first month and a half of the year! Now may be time to consider putting your long term savings into a high yield CD or a CD ladder.

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banking

E*Trade Cuts Interest Rates – Currently 2.50% APY

E*Trade chopped their interest rate from 3.01% down to 2.50%. This is one of the larger cuts from the banks listed in the top high yield savings account rates, but E*Trade had one of the highest interest rates out of those high yield banks, so it is understandable that their recent cut was so large.

How does E*Trade compare to other high yield savings accounts?


Even with such a large rate cut, E*Trade is still very competitive in the market for high yield savings accounts. As I mentioned in the previous article about the HSBC Direct rate cut, high yield savings accounts are still a good option and will earn you much more money than a traditional brick and mortar savings account. Here are more benefits of a high yield savings account.

Be sure to check the top high yield savings account rates for a current list of the top high yield savings account rates.

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banking

HSBC Direct Slashes Interest Rate to 2.45% APY

HSBC Direct joins a long list of high yield savings accounts that have slashed interest rates in recent days. As long as the fed continues to leave the federal rate at roughly 0%, we will continue to see low rates for high yield savings accounts.

HSBC Direct cut their current “high-yield” rate from 2.60% to 2.45%. While sub 3.0% rates seem to be the rage nowadays, I’m sure we will see higher rates in the near future. As soon as the Fed starts raising interest rates or as soon as lending increases, high yield savings rates should increase as well.

Are high yield savings accounts still worth it?

These current rates beg the question -are high yield savings accounts still worth having? My answer is yes, high yield savings accounts are still worth having, even at a 2.45% interest rate. You’ll be lucky to get a tenth of that at your local brick and mortar bank and the power of compound interest is far too powerful a force to ignore. Here are more benefits of high yield savings accounts.

Be sure to check the top high yield savings account rates for a current list of the top high yield savings account rates.