Savings News: E*Trade Bank Increases Rate, Money-Rates.com Posting over 30 Banks with +3% Savings Yields
May 06, 2008
Effective this Thursday (May 8, 2008) E*Trade Bank will increase their savings rate from 3.01% to 3.05%. Seemingly not a big news item, but coming less than a week after the Federal Reserve lowered short-term interest rates this is another indication that the top-tier savings rates offered by online banks on savings accounts, money market accounts, CDs, and checking accounts are bottoming out and even bouncing off the bottom. E*Trade Bank's claim to own a savings rate over 6 times the national average should remain true for the foreseeable future as the national rate averages take into account all the regional banks which pay below 1% on savings accounts. However the rate claim that E*Trade bank makes it also true of above 30 other online banks who can be found on the Money-Rates.com List of Highest Savings Account Rates.
