Comments (scroll down to add your own):

1. From when E*trade is going to reduce the interest rate? Their website still advertises 3.01 % APY.

   Comment by Srikks — Jan 30th 2009 @ 4:12 pm

2. The new rate will be effective at the end of the business day on Monday, 2/2/09. It’ll still be at 3.01% over the weekend.

   Comment by nickel — Jan 30th 2009 @ 4:47 pm

3. Darn – I was already down about this when I wrote an article about it earlier this week. Now what?

   Comment by Jeff-StretchyDollar — Jan 31st 2009 @ 12:31 am

4. I saw ING dropped to 2.4% APY. Ugh.

   Comment by thomas — Jan 31st 2009 @ 1:23 am

5. As discussed on the DollarSavingsDirect review comments, they dropped from 4% to 3.5%.

   I just opened a rewards checking account with The Provident Bank (of New Jersey) that pays 5.01%. They haven’t reduced it yet as far as I can tell. It’s only good up to $25k, though, and also has the regular reward checking account requirements (10 POS transactions, 1 ACH deposit, online statement, etc per month).

   -Mike J

   Comment by Mike J — Jan 31st 2009 @ 10:09 am

6. Absolutely right. It will take effect on Monday. Thanks for mentioning it Nickel.

   Comment by Jerry — Feb 1st 2009 @ 10:16 am

7. I guess the lesson to be learnt is to just keep ready cash and maybe a month or two worth of emergency cash in these accounts whose interest rates are so volatile.

   The remaining emergency cash should be locked up in modular CDs as explained by Nickel previously.

   So in the event of an emergency one can use the money market cash to tide over and strategize on how to use the modular CDs.

   Of course right now most CDs also offer pathetic rates, so one should wait when a 5 year CD offers much better rates to put a plan in action.

   Comment by GM — Feb 1st 2009 @ 12:14 pm

8. shore bank just dropped from 3.5 to 3.15

   Comment by Jeremy — Feb 2nd 2009 @ 9:46 am

9. FNBO Direct just sliced their’s to 2.6%

   Sucks…

   Comment by Kev — Feb 2nd 2009 @ 3:26 pm

10. I have been thinking about opening up an online account and have been doing research. With all the rates lowering, not sure if I want to yet. Do you recommend holding out till the rates improve?

    Comment by Craig — Feb 2nd 2009 @ 3:50 pm

11. Craig: To what end? Are you earning more elsewhere? There’s no harm in opening an account now, as your rate climb in the future when interest rates eventually start rising.

    Comment by nickel — Feb 2nd 2009 @ 3:52 pm

12. Nickel: I am earning less now because my money is just in savings with my brick and mortar bank. I just didn’t know if it was worth the effort of starting it up now if the rates were low.

    Comment by Craig — Feb 2nd 2009 @ 3:53 pm

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