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OMG

January 24th, 2008 at 10:58 pm

I check out my local bank accounts every day and record the amount of interest that I have earned.
I was very proud of my one local bank. For a couple of years they have paid 5.25% on a money market account and I made decent interest while we used the money to build spec houses.
Several months ago, the rates dropped to 4.1% but I still kept the money locally.
I was shocked when I went online today to see that the rates had dropped to 3.4%

I called the bank and explained that i had 300K in there, but they would not give me a rate above 3.6% Looks like I will be moving on!!

Posted in saving | 5 Comments »

5 Responses to “OMG”

  1. Aleta Says:
    January 24th, 2008 at 11:15 pm 1201216533
    1201216533

    Ima, can you get some CD's that would come due in 3 mos and maybe you could buy 3 or 4 (3 month CD's) in case you needed to break one.

  2. Ima saver Says:
    January 24th, 2008 at 11:43 pm 1201218217
    1201218217

    We have quit build specs for now, so the money will probably sit all year!

  3. scfr Says:
    January 25th, 2008 at 04:00 am 1201233637
    1201233637

    Ugh ... Sorry!

  4. boomeyers Says:
    January 25th, 2008 at 05:10 am 1201237822
    1201237822

    Again, punishing the savers in America. Sad. Frown

  5. lost in debt Says:
    January 25th, 2008 at 01:20 pm 1201267249
    1201267249

    Unfortunately when the Feds cut the discount rate this week,it changes savings rates. I just checked out an account at 5.10% at IngDirect.com.

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