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OMG, not again!

February 1st, 2008 at 04:35 pm

I check my accounts at the bank almost daily. I had two accounts (money market) at the same bank. When i opened these accounts, they were paying 5.25% for amounts over $50,000. This has gone on for over a year. In October, the rate fell to 4.75% and has been declining ever since. For the past month or so, the rate has been 3.44%. I checked today and the rate has fallen to 2.96%
My gosh, what are us savers supposed to do?? My goal was someday to earn enough interest to live on!! That is never going to happen at less than 3% interest being paid!

Posted in saving | 7 Comments »

7 Responses to “OMG, not again!”

  1. Caoineag Says:
    February 1st, 2008 at 04:52 pm 1201884750
    1201884750

    Could you potentially look into high dividend stocks? It would work on the same principle but pay a little better (I believe, I am definitely no expert but I have seen other discussions about using them in this manner).

  2. Sallyr70 Says:
    February 1st, 2008 at 04:54 pm 1201884898
    1201884898

    Well of course you are supposed to SPEND, SPEND SPEND!!! Until the economy bounces back.... it's the American Way! (this is tongue-in-cheek, of course). It is totally frustrating to me too! I'm going to put all my savings into my roth and 401k ... also hoping mortgage rates will go down so I can refi my house.

  3. Aleta Says:
    February 1st, 2008 at 05:01 pm 1201885311
    1201885311

    It's getting to a point that it will no longer pay to spend your time and gas to go to the bank to earn interest unless you transfer funds. So, the next best thing is putting in your mattress. Ha Ha! Really just kidding. The brick and mortar banks are the last to move up the interest rates when all others (online) have done.

  4. thriftorama Says:
    February 1st, 2008 at 05:02 pm 1201885363
    1201885363

    Looks like it's time to move that money somewhere else!

  5. Ima saver Says:
    February 1st, 2008 at 06:11 pm 1201889466
    1201889466

    Luckily I moved a big chunk last Thursday (8 days ago) and locked up a 4.8% c.d. for a year!

  6. mulyanto Says:
    February 1st, 2008 at 06:32 pm 1201890741
    1201890741

    I heard somewhere that AT&T had a divident equivalent yield of about 3.5% right now...

  7. nance Says:
    February 1st, 2008 at 07:13 pm 1201893185
    1201893185

    Not only did interest rates go down, today, but gasoline prices went up! Can't win for loosing! I live on the north side of town, but had to go to the south side of town today. Gas prices varied by 17 cents a gallon from one side of town to the other.
    I am very relieved that I moved most of my savings to a CD last Thursday!

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