With the recent downturn in the stock market, the fed has reacted by slashing interest rates. This has caused a number of banks to lower their APYs on savings accounts:

• WAMU lowered their savings account rate from 4.0% to 3.0%
• Schwab lowered the rate on Investor Checking from 3.0% to 2.2%
• ING Direct lowered their Orange Savings from 3.0% to 2.75%

I expect more cuts on their way, so if it hasn’t hit your account yet don’t be shocked when it does.