ETrade’s Savings Account Rate Decreases

In keeping with the general trend of interest rates on online savings accounts accounts going down, ETrade’s Savings account rate decreases.

E*Trade Financial just announced the rate it pays on their “Complete Savings Account” will decrease from 1.95% to 1.70% APY. The new savings account rate will be effective close of business on March 13th, 2009.

E-Trade isn’t the only financial institution lowering the rates it pays on online savings accounts. HSBC has lowered the rate it pays on an online savings account to 1.85% APY. GMAC bank also lowered the rate it pays on an OSA to 2.65% APY.

Interest rates on deposit accounts have been coming down at the same time the U.S. personal savings rate is going up. The rate just reached 5 percent and economists are predicting the rate will reach double digits.