US$ savings account

[1226]

I noticed my Altamira US$ savings account, which not long ago was at 5%, is now down to 2% (http://altamira.com/altamira_en/ourproducts/productsolutions/savings/altamira+uscashperformer.htm).

There has to be a better one out there now, no?

[joe1487]

I noticed my Altamira US$ savings account, which not long ago was at 5%, is now down to 2% (http://altamira.com/altamira_en/ourproducts/productsolutions/savings/altamira+uscashperformer.htm).

There has to be a better one out there now, no?

ING's dropped to 1.75%. so no luck there. Perhaps buy a short-term GIC from your discount broker? It's pretty difficult to get good rates on USD.

[1226]

ING's dropped to 1.75%. so no luck there. Perhaps buy a short-term GIC from your discount broker? It's pretty difficult to get good rates on USD.

I wonder why they were so high just a few months ago? ICICI I think was the same as Altamira, 4.75%-5.00%. It didn't feel like a short-term promotion either.

[AllWheelDrift]

I wonder why they were so high just a few months ago? ICICI I think was the same as Altamira, 4.75%-5.00%. It didn't feel like a short-term promotion either.
The Federal Reserve has been agressively cutting the overnight rate in the hopes of keeping the US economy afloat. As a result of the overnight rate cuts, savings account rates must/have been dropping at a similar rate.

[1226]

The Federal Reserve has been agressively cutting the overnight rate in the hopes of keeping the US economy afloat. As a result of the overnight rate cuts, savings account rates must/have been dropping at a similar rate.

Yeah I guess that must be the cause. I guess 2% is as good as one can hope right now?

[AllWheelDrift]

Yeah I guess that must be the cause. I guess 2% is as good as one can hope right now?
ICICI is paying 2.5% but after my experience with them you couldn't convince me to go back to them for any price.