I am so mad right now. I knew the Fed rate cuts would eventually affect my savings accounts. Today it finally hit. My Emigrant Direct account was yieding 4.65 percent (APY) last week and is now down to 4.3 percent (APY. 4.05 percent interest) Argh.
It's like the Fed is punishing those of us who did everything right-- we save money for a rainy day and what do we get? The stock market and housing tanks because people were overzealous with debt and yet the responsible people end up suffering.
I know, it could have been worse. I really expected my savings account interest to drop closer to 3.5 percent, given the current Fed rate, so by comparison 4.3 still isn't bad. The whole thing just makes me mad...
The Fed rate cut and my savings account
February 1st, 2008 at 02:59 pm
February 1st, 2008 at 03:08 pm 1201878537
February 1st, 2008 at 03:30 pm 1201879848
I think that it is shameless for our government to bail out everyone's bad decisions. Although, I do believe that some banks did some underhanded things and they should be punished. It's a little like something that I heard on the TV last night about illegal aliens that are going to be able to receive those rebate checks. Believe me, I write to www.congress.org and voice my opinions about this. We're having a hard enough time taking care of our own people without having to worry about giving money to those who are not here legally.
February 1st, 2008 at 03:55 pm 1201881301
February 1st, 2008 at 04:48 pm 1201884510
February 5th, 2008 at 07:37 am 1202197054