SmartyPig Announces Rate Cut

SmartyPigSmartyPig just announced that its interest yield on accounts will drop from 2.15% to 1.75% APY for accounts up to $50,000, and the change goes into effect September 7, 2010. That’s a .35% decline, which is a lot for savers. This reflects the fact that interest rates are falling nationwide, and so SmartyPig’s bank partner, BBVA Compass, has dropped the yield.

You can expect to see this drop with CDs, money markets and savings accounts. As long as the Federal Reserve has pledged to keep rates low, we are unlikley to see any savings bonanzas soon.


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