Beware of Falling Savings Rates
Posted October 10, 2008 by Chuck
Posted in: 
Personal Finance
Personal Finance
With the recent downturn in the stock market, the fed has reacted by slashing interest rates. This has caused a number of banks to lower their APYs on savings accounts:
- WAMU lowered their savings account rate from 4.0% to 3.0%
- Schwab lowered the rate on Investor Checking from 3.0% to 2.2%
- ING Direct lowered their Orange Savings from 3.0% to 2.75%
I expect more cuts on their way, so if it hasn’t hit your account yet don’t be shocked when it does.
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