Online banks continue to cut the rates on their savings accounts. The number of accounts with rates above 4% is falling. Provident Direct cut its rate from 4.50% to 3.75% APY. ShoreBank also cut its rate to below 4%. Here is a brief summary of recent rate cuts:

Provident Direct’s Savings: 3.75% APY (was 4.50%)
EverBank’s MMA: […]

UmbrellaBank just lowered the introductory yield on its Green Day Savings Account from 6.00% APY (5.83% rate) to 5.50% APY (5.35% rate). I was told that all approved accounts opened under the previous rate will be given a 14 day grace period beginning from the date of the rate change to fund their accounts. If […]