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Cashed in a C.D.

November 24th, 2010 at 10:51 pm

I had a c.d. come due yesterday and I went to the bank and cashed it in today. If I had renewed it, they were only offering 8/10 of one percent. Gosh, even ING pays better than that on just a savings account. I have never seen interest rates this low. I have an old amortization book that I bought over 30 years ago, and the lowest rate in the book is 3%.

When I worked at a savings and loan place, we paid 6% interest on savings and 8% on C.D.'s. I had always hoped I could live on my interest when I got old. Now you can't even live on the interest of 2 million dollars.

So, I am loaning the money to a friend to buy a cabin. They will pay me 4% interest and I will add that to my $20 challenge fund each month.

Posted in $20 Challenge | 2 Comments »

2 Responses to “Cashed in a C.D.”

  1. Joan.of.the.Arch Says:
    November 24th, 2010 at 10:59 pm 1290639572
    1290639572

    Ima, I think of you every time I read another Georgia bank has been taken over. Georgia seems to lead the pack in that respect. You are a smart cookie to locate alternatives if you need interest income.

  2. Homebody Says:
    November 24th, 2010 at 11:05 pm 1290639906
    1290639906

    Ouch. Luckily our credit union has a checking paying 2.51% up to $25,000. That is our main savings now..... a checking account!

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