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Question from Simon Z. Feb 09, 2012

UFB Direct Slashes Savings Rate Three Times in Past Month

UFB Direct, a division of Bank of Internet USA, has cut its savings rate three times since mid-January. As of Jan. 17, UFB Direct's Airline Rewards Savings account payed 1.30% APY - outranking all other savings accounts available nationwide. After the three rate reductions, the rate has become 0.95% APY, as of Feb. 7. Currently, UFB Direct's savings accounts continues to lead nationwide savings accounts - Westfield Bank offers a 1.00% APY savings account with a checking account. The multiple rate drops could be blamed on the Fed's recent announcement that interest rates are going to stay low until 2014 - two years of historically low rates.

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