Savings Accounts Droppping, Money Fund Yields Inching Downwards. Bank savings account rates and money market deposit accounts have dropped sharply while money funds are slowly digesting the new 4.75% Federal funds target rate. Money fund yields, measured by our Crane 100 Index, have fallen 5 basis points (0.05%) since Tuesday's Fed move, from 5.06% to 5.01%. Banks, on the other hand, wasted no time cutting. Bank Deals reports that, among others, GMAC Bank, AmTrustDirect, and ELoan have reduced savings rates -- GMAC dropped rates from 5.16% to 4.85% (5.30% to 4.90% APY) and AmTrust dropped from 5.19% to 5.09% (5.31% to 5.21%). The Crane Top 10 Bank Savings Index fell from 5.24% to 5.10% this week. Money fund yields are reacting slower than usual to the Fed's cut due to lingering high rates available due to the recent asset-backed commercial paper crisis. Banks, meanwhile, are living up to their reputation for quickly passing lower rates on to consumers.