FNBO Direct, the online bank that was recently rated best online savings account by Kiplinger, and one of my picks for best online savings accounts, significantly dropped the account’s interest rate today from 3.25% to 2.8% APY, a 20% decrease.
I don’t normally chase the highest rates and move my money back and forth based on the highest interest rate. I prefer to keep most of my cash in an account that offers consistently high rates, even if they aren’t the highest on any given day, and a good user experience.
Updated June 9, 2011 and originally published December 23, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.