Of the banks under Wells Fargo's coverage, Discover was the first to trim its online savings account rate for this rate cycle, according to analyst Michael Kaye.
It's a marked turn from when online banks jockeyed for customers' deposits as the Fed began raising rates in March 2022.
Too good to last See below for a table of online banks and the APY they're offering on savings accounts.
The catch with savings accounts is that banks can opt to tweak their yields at any time.
Investors hoping to play a lower rate environment with exchange-traded funds may want to consider buying intermediate-term bond funds .
Persons:
Michael Kaye, Banks, Ally, Cowen, Moshe Orenbuch, Cash that's
Organizations:
Federal Reserve, Discover Financial, Financial, Fed, Investors
Locations:
Wells