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The Fed rate cut and my savings account

February 1st, 2008 at 06:59 am

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...

5 Responses to “The Fed rate cut and my savings account”

  1. Ima saver Says:

    I agree, all of my bank rates dropped too!! I use to get 5.25 and now I get 3.44%

  2. Aleta Says:

    I just checked this morning and the Emigrant rate is now down to 4.05 APY. I agree with you.

    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.

  3. nance Says:

    ING just lowered rates to 3.4 per cent. I am also frustrated that responsible people are the ones to suffer losses because of the bail out of the irresponsible. I fear that all the "freebates" are going to do is increase our already huge national debt,too.

  4. just me Says:

    Before christmas I was able to lock in most of my savings in to CDs at close to 5%. I'm sure glad I didn't wait!!

  5. reflectionite Says:

    well we have the opposite in australia, our interest rates have either just gone up or are about to in the next couple of days, i think it will be around 9%. which is ok for people with savings account, but bad for people who have loans. i have both, so while on one hand i'm pleased i'll be getting around 8% on my ING accounts, my personal loan has just jumped again to nearly 14%!!!

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