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Grr....rates down again!

January 5th, 2010 at 11:05 am

In June of 2008, my bank was offering a good deal. A free checking account that paid 3.1% interest if you kept a balance of $1000.
I opened 3 checking accounts; one for my personal checking, one for my business checking and one that I called my "savings" checking account.
My husband is a builder and we need to keep a lot of cash liquid in case we build a spec house. Right now, the house market here is very soft, so we are sitting on the cash.
Well, last June, the 3.1% ended and the rate dropped to just under 2%. In the past few months, the rate drop to under 1.5% and the 1.24 % Yesterday, the rate dropped to uner 1% (actually, .0088%) and this is for a fairly large sum of money. I stopped at the bank to open a C.D and their rates have dropped a lot just since last Friday.
I use to dream of making enough interest to live on. When I was younger, banks paid 5-6% interest and higher on savings accounts. Even more on c.d.'s!
I guess I will just let it sit (the money) earning practically nothing!!
I did save $5 using my Ingles advantage card this morning and the stock market went up yesterday, so that is $6 more to add to my challenge.
Prev. total $110.00
today 6.00
new total $116.00

3 Responses to “Grr....rates down again!”

  1. whitestripe Says:

    rates are at 4.75% for us at the moment, which is fairly low considering only two years ago we were getting 9% or more. Frown

  2. boomeyers Says:

    Heck, you may as well take it home and put it under your mattress! Ridiculous!

  3. Aleta Says:

    Pity those that are actually depending upon their interest as part of the income needed in retirement. Yes, Like you - I can remember the 5.25% savings rate and how everyone thought it was too low. Now, most of us would pretty happy with 5%. How things change. Happy New Year Ima.

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