I received the bad news earlier today. Continuing the trend across the banking industry, FNBO Direct has determined that it can afford to lower the interest rate offered on the bank’s savings account from 2.6% to 2.4% APY. Compared to many other popular online banks, this rate is still very competitive, and I can practically guarantee that it beats leaving your cash in a typical brick-and-mortar savings account. A few months ago, Kiplinger rated FNBO Direct as the best online savings account.
WTDirect has also dropped its interest rate to yield 2.16%. The catch with this account is that customers need a balance of at least $10,000 in the account before qualifying for this rate.
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{ 8 comments… read them below or add one }
I got the email earlier today too, it made me very depressed. Why do I keep saving if I’m not earning any interest on it? I miss the good old days.
In another few months it might actually start to make sense to keep your money under the mattress.
At least we don’t have to worry about inflation… for now.
Time to update those FNBO Direct rates on your site. I just recently switched to FNBO for my primary savings. As long as they keep their rates within the top tier of the online banks, I’ll be sticking with them. Their customer service is excellent and I like the security of their safe and sound rating by Bankrate.
Mike: That’s right, but as far as those graphics go, I have to wait till the bank sends me new graphics.
GMAC still holding steady at %2.75, even during the last two FNBO drops and the last ING drop
http://www.gmacbank.com/todays-rates/os-rates.html
ING Direct was dropped again on the 18th to a dismal 1.85%. They’ve managed to drop their rates 0.55% YTD. It wouldn’t bother me so much if they at least pretended they cared about the customer and sent a notification beforehand. Conveniently, they manage to always change the rate before the end of the month!
wonder who will be first to drop to 1%? My money is on ING.
yet another rate drop today… down to 1.65%
Considering inflation, this is a negative rate. Forget about stuffing cash in your mattress.. The way the U.S. fed is printing money willy nilly, we’d be better off in something other than U.S. currency.
We need to stop the inflation machine!