I was shocked that it took less than 24 hours for ING to cut their rate.

King: I can't say I'm surprised. In the last few years, ING has been quick to respond to lowered rates. I'm sure they had time to prepare -- all the marketing materials and web graphics were updated immediately. Someone plans for these moves well in advance.

Etrade Complete Savings has dropped to 4.40%

Thanks SingleGuyMoney -- I captured that change in yesterday's update.

Flexo,

GE Interest Plus (AAA rated) also gives reasonably high yields on their MM.

4.59 for less than 15K
4.75 for 15K - 50K
4.91 for > 50K

http://www.geinterestplus.com/interestplus/

Mars: Thanks! GE Interest Plus is not a money market account and not insured by the FDIC, so I haven't included them on the savings and checking account list. It would be comparing apples with oranges.

I wrote about the GE Interest Plus account last July; the "deposit" is an investment in GE's debt and not as liquid as a savings/money market account.

I don't know if it's still being offered as of today, but WaMu has a pretty good local (AZ, Co, CT, FL, GA, ID, NV, NJ, NY, TX and UT) deal for a 7 month CD. The APY is 5.10% (4.98% APR) additionally it has add-on features - so during the term you can deposit additional money into it. I opened one yesterday as soon as i heard about the rate cut. In the branch it is called the "January Promotion" so it might be good through the end of the month regardless. You can also call 1-866-808-1396 to open an account. I think you might have to have a WaMu checking account - but those are free too. Min deposit is $1000, min add-on is $100, max add-on is equal to the initial deposit. I'm dumping all my free cash into these CD's, at least I'll be able to hang on to a 5% rate for another 7 months:)

Flexo,

Agreed that it's not FDIC insured. GE Interest Plus is a Corporate Note (similar to MM funds offered by mutual fund companies). As for liquidity, you do get a check book.

Looks like FNBO direct just dropped to 4.30% APY. Ouch!