​ Double-​Whammy Hits Online Banks: Rate Chasers and Falling Yields. Online banks got hit by a double-​dose of bad news today -- the New York Times reveals the rate sensitivity of the online banks' customer base in "Rate Chasers Are Online and Moving Cash Quickly", and leading bank blog BankDeals announces yet more rate cuts by banks. The anonymous blog, which reviews recent cuts, says E*​Trade has dropped its Complete Savings Account APY (​annualized percentage yield) from 5.​05% to 4.​70%. The Times article discusses the history of online banking including the first (​now bankrupt) high-​yield online bank NetBank, then ING Direct, Emigrant Direct, and recent high-​yielder FNBO Direct. It is a history temporary deals and of "​bait-​and-​switch". Buyers beware!

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