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: 4.01% APY 3-month intro (was 4.51%, ongoing remains at 3.51%)
• ShoreBank’s Savings: 3.30% APY (was 4.15%)
• UmbrellaBank’s MMA: 3.75% APY (was 3.90%)
• Zions Bank’s Deseret MMA: 3.41% APY for $1K to $50K / 3.57% APY for $100K+ (was 3.87%/4.03%)
• WaMu’s Online Savings: 3.30% APY (was 3.55%)