It’s not your imagination. Banks are now looking for ways to actively discourage new deposit accounts. It’s not just through lowering interest rates, they are scaling back marketing. It makes sense from a business standpoint; the economy is not so great, so companies are saving their operating expenses.
Here is a summary of the most recent interest rate declines, listed as annual percentage yields (APYs) as of March 10. These accounts are recommended. I have accounts here and I’ve never had any problems with the banks.
These accounts are recommended by others but I have no personal experience with the banks.
- ShoreBank Direct Online Savings Account dropped to 2.80%
- GMAC Bank Online Savings Account dropped to 2.65%
- Kirkpatrick Bank Savings Square dropped to 2.30%
- Dollar Savings Direct dropped to 2.25%
For a history of savings account interest rates for the last fourteen months or so, take a look at this history of high-yield interest rates. With banks decreasing their rates almost every week, it’s difficult to keep up with the changes.
Where do you keep your savings?
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