Home > They lowered the rate already

They lowered the rate already

February 11th, 2010 at 09:50 pm

I got a letter from my bank that failed, saying that they had lowered the rate on my certificate of deposit from 4% to 1% as of next week. That means I will lose about $18 a day in interest for the next year, or $6570. I never thought I would see the day when a certificate of deposit paid only 1%.
Hey, but I am grateful that I have that money saved up! Gotta look on the bright side, right!!

3 Responses to “They lowered the rate already”

  1. Analise Says:

    That's very disappointing, but thankfully, you still have your principal.

  2. thriftorama Says:

    That's the first thing the fed does when they take over a bank. It's no good for you, but it's good for taxpayers.

  3. baselle Says:

    INGDirect is paying 1.25% on liquid accounts (that you can move at will), 2% on their CDs. You probably know this already, but its something to consider.

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