dcsimg

High Yield Savings Account Update - January 25, 2008

Published 1/25/08 (Modified 3/22/11)
By MoneyBlueBook

In response to heightened concerns surrounding recent plunges in world stock markets and fears of an imminent economic recession, the U.S. Federal Reserve made a surprising rate cut on Tuesday, January 22, 2008, days before its next official meeting when it is expected to cut rates further. In the daring move, the Fed slashed the federal funds rate from 4.25% to 3.50%, an astonishingly huge drop. In response, numerous online banks have already dropped their interest rate offerings to match - Take a look at my updated list of the top High Yield Savings Accounts.

Countrywide Bank continues to reign at the top with a tiered rate offering of (3.92% - 5.00% APY). I hope a few of my long time saving favorites like Washington Mutual and Etrade Bank will hold rates steady and high but they are likely to be influenced by the trend as well. Among the online banks, a few more major interest rate reshufflings are likely to occur again in the next few weeks.

Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.

Feed for this Entry

Leave a Reply



If you liked this site, please Add To Bookmark and/or Subscribe To A FeedReader

Search this site