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.
Darn, interest rate went down!
November 3rd, 2009 at 09:30 pm
November 3rd, 2009 at 11:53 pm 1257292396
November 4th, 2009 at 02:40 pm 1257345638
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.
November 16th, 2009 at 11:39 pm 1258414775
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.