Current High Yield Savings rates

[kadams767]

Just wondering if anyone was keeping track right now.  Last year, I had moved most of my cash savings to the Wealthfront cash account due to their high rates.  However, they have recently dropped to 0.26%.  It looks like Capital One is still at 1.3%-1.5%, even with the recent rate cuts, as are other banks.  Is it inevitable that everyone else is going to drop drastically again?  I'm not really interested in opening new accounts at new banks, but I still have my old Capital One MM account and have no issue moving the money back there, but I am wondering if it even matters.  Why would Wealthfront drop so drastically while others maintain high-ish rates?  

[Susie]

FNBO Direct has dropped to 1%, I think from 1.7 or 1.8%.

CIBC Agility has dropped to 1.45% from around 1.8%.  I recently moved my e-fund here when they were offering a $200 bonus if you moved $25k in and left it there for 120 days.

That seems like a pretty typical rate drop from what I've seen, although Cap One does seem to be hanging in a little higher.

[kadams767]

Yea, I get the rate drops that others have had, but Wealthfront started at over 2% and is now a full percent lower than Cap One for some reason. That seems like a weird outlier given their previous rates. But if everyone is going to drop that low now, I might as well not bother moving the money.

[k3am]

Speaking as your friendly neighborhood banker. The Fed cut interest rates, every banking institution drops interest rates in response. The speed will vary, but I would be shocked if everyone doesn't follow suit.