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Home > GRRRRR... rates are down again.

GRRRRR... rates are down again.

July 24th, 2010 at 08:07 pm

I just checked on my bank accounts. I have three checking accounts that pay interest. I use one for business, one for personal checking and the 3rd one, I use as my savings account.
The business and personal, which have less than $50,000 in them, rates were lowered to 1/2 of one percent.
My savings account which has more than $50,000 in it, was lowered to 1% interest.
Those accounts were paying 3.25% when I opened them.
It is funny, but a friend sent me an old newspaper clipping today. It is from the Atlanta Journal and has banks offering an over 10% interest rate back in 1979. Heck, I remember when you could get a 16% C.D.

Back then, I did not have much money. Now that I have some money, I am get 1% and under!! grrrrr...

Oh well, I have 5 one dollar bills in my wallet to add to the challenge.
Prev. total $11,006.00
today 5.00
new total $11,011.00

Posted in $20 Challenge | 5 Comments »

5 Responses to “GRRRRR... rates are down again.”

  1. MonkeyMama Says:
    July 24th, 2010 at 10:22 pm 1280010170
    1280010170

    It's almost the worst part of the economy, in some regards. Then again, we have got our mortgage payments rock bottom, so at least I can see the bright side of low interest rates. Big Grin But now that I am all locked in (& have been for a while!), I would like some decent interest rates in my cash, please. 2 or 3% sounds good, at this point...

  2. whitestripe Says:
    July 24th, 2010 at 10:51 pm 1280011910
    1280011910

    We are getting about 5% here in AU, but it is no where as good as it used to be Frown

  3. rob62521 Says:
    July 24th, 2010 at 11:51 pm 1280015503
    1280015503

    You got caught in one of two things...either it was a teaser rate and they lowered it, or like everything else around here, the rates keep dropping. I guess that's great if you want to borrow, but if you are trying to save, it isn't.

    When we opened our money market account 4 years ago, we got the introductory rate of 5%, but now they are paying less than a percent. Every so often they offer a better rate, but it has to be "new" money. Phooey. If I had new money, I think I'd find a better place to put it.

  4. Single Guy Says:
    July 25th, 2010 at 01:29 am 1280021366
    1280021366

    Perhaps you should look into dividend producing stocks? I know the price of the stock can fluctuate, and the dividend can go away, but there are quite a few now that give about 4% and have had steady divdend for decades. Various utilities are good for this.

    In my case when my CDs mature I am not bothering with putting the money back into CDs, I'm just going to put the money towards my mortgage which will give an effective rate much better than any savings vehicle currently.

    These are the only way currently I see to "get ahead".

  5. baselle Says:
    July 25th, 2010 at 04:30 am 1280032247
    1280032247

    Sing it sister - Now that I have quite a bit of cash, ironically I earn more picking up change on the sidewalk.

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