Today FNBO Direct is announced they have lower their online savings yield to 1.65%.  That was a decrease of 25 basis point from their 1.90% APY.  I would’ve thought the rates were stabalizing and considering lot of banks offering high rates and/or bonus, this doesn’t look good.  Ally bank is currently offering 2.25% on their new online savings account.

This is a snapshot of the  Top Online Banking instutions offering their competitive rates as of March 2009 (March 12, 2009).  We search the rates so you don’t have to invidually visit their sites.

Name	APY Yield	Detail
	2.15% APY	FNBO Direct – No minumum balance, no fee
	2.00% APY	Emigrant Direct – No Minimum Deposit; All products: Savings Accounts, Checking Accounts, Credit Cards, IRA
	2.15% APY	E*Trade – No Minimum Deposit; All products: Savings Accounts, Checking Accounts, Credit Cards, IRA, Mortgage, Home Equity, Brokerage
	1.85% APY	HSBC Direct  – No Minimum Deposit; New Online Deposit Only; All products: Savings Accounts, Checking Accounts, Credit Cards, IRA, CDs
	1.65% APY	ING Direct – No Minimum Deposit; All products: Savings Accounts, Checking Accounts, Credit Cards, IRA

One of the more popular online savings bank, FNBO Direct, just lowered it’s yield to 2.15% APY.  That’s a drop of 45 basis point from 2.60% APY just yesterday.  It is still higher than most other online savings bank.