Layout:
Home > Darn, interest rate went down!

Darn, interest rate went down!

November 3rd, 2009 at 09:30 pm

I check my bank accounts almost every day and noticed that the bank had lowered the interest rate they pay. When I first opened these checking accounts, the bank was paying 3.19 for an entire year.
We have to keep a lot of cash in the bank for building spec houses. We never take out a loan to build a house, so I was pretty happy with that rate.
When the end of the year was up, the bank lowered the rate to 2% in July. Last month, they lowered the rate to 1.75% and today I noticed it was down to 1.49%.
I can remember the good old days when banks paid 6% and 8% and people could actually live on their interest if they were careful.

3 Responses to “Darn, interest rate went down!”

  1. whitestripe Says:
    1257292396

    The reserve bank just put Australian interest rates up 0.25% yesterday, and they predict another rise before christmas.

  2. fern Says:
    1257345638

    Yeah, we're living in the worst of both worlds....interest rates for any kind of borrowing are very high, while interest rates on savings are incredibly tiny.

    My online money market with Dollar Savings Direct was 3% when i opened it but now it's 1.6%.

    If you're talking a lot of money, you should be able to shop around and maybe squeeze another percentage point somewhere.

  3. scfr Says:
    1258414775

    Thanks for the post ... It prompted me to check my banks' rates.

    I have houseguests here right now so have not been on-line for a long time (DH took them on a road trip so I have a few days to myself).

    One of my banks is down too (I currently keep accounts at 2 banks, plus a couple CDs at others). Now both of my banks are paying the same interest, but one has a much lower Bankrate rating, so I may move a little money tomorrow.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]