The effect of last month’s Fed rate cut continues to be felt in the banking industry. Some banks moved fast with large rate cuts (HSBC Direct, ING Direct), others had their rates creep down (WTDirect, Amtrust Direct) and yet others seem to be planning on waiting before cutting. Etrade is one of the wait-then-cut banks. It dropped the yield on its Complete Savings account from 5.05% to 4.70% APY today.

Perhaps there needs to be another category for the banks that are making two big rate cuts. E-LOAN did this with two 25 basis point rate cuts. Now GMAC Bank has done it. GMAC Bank dropped its Money Market Yield from 4.90% to 4.75% APY. Before the Fed rate cut, it had been 5.30% APY. If you’re looking to lock in a high rate, be sure to check out the current cd rates.