Several major banks, including Capital One 360, Ally, and BMO Alto, responded by dropping their high-yield savings account rates.
It's not as easy to find 5% interest savings accounts as it was before the Fed meeting.
However, there are ways you can navigate savings rate declines to keep earning a high interest rate for a bit longer.
Savings account interest rate dropsIf you're using a major online bank to earn a high interest rate on your savings account, you might be disappointed by the recent Fed interest rate cuts.
Capital One 360 Performance Savings fell from 4.25% APY to 4.10% (rate as of 9/27/24) APY, while Ally lowered its savings account rate from 4.20% to 4.00% APY.
Persons:
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Organizations:
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