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.