Are you trying to find a good rate on a savings account or CD? As rates are starting to fall, now is your moment to act ...
An analysis of Federal Deposit Insurance Corp. data by behavioral economics consulting firm Analyticom found that rates for certificates of deposits are falling across the board for the first time in five years.
Marcus, the online division of Goldman Sachs GS, +0.03% said that it has lowered the annual percentage yield on its savings accounts to 2.15% from 2.25%. Savers still can take advantage of strong CD rates While CD rates are falling on average, good opportunities still exist — especially at smaller financial institutions.
Instead, banks are looking to secure their bottom lines. Interest rates are also falling for loan products, which generates income for banks. As a result, banks don’t want to get stuck paying out high yields on deposit and savings accounts if they’re not earning as much. “Banks are catching up to the bond market with rates, which has been pricing in lower expectations for growth and inflation,” said Brian Karimzad, co-founder of personal finance website MagnifyMoney TREE, +2.56%
Robo adviser investment firm Wealthfront recently boosted the APY on its FDIC-insured cash accounts to 2.57%, which was the highest interest rate available on the market as of the end of June according to personal-finance site Bankrate.
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