Dollar Savings Direct Lowers Rate
Posted January 26, 2009 by Chuck
Posted in: 
Personal Finance
Personal Finance
Last month I was disappointed by the decline in interest rate on my Countrywide Savings Account (which is now all the way down to 1.75% now) . I decided to switch to Dollar Savings Direct who was offering a 4.0% APY online savings account.
Well, last week Dollar Savings Direct lowered their rate to 3.5% APY.
While disappointing, I can’t say it was unexpected. Its still just about the highest savings rate out there even after dropping half a point. Seems like I made the right move switching when I did as their rate is 2x what Countrywide is currently at, whose rates became uncompetitive when their banking division was swallowed by Bank of America. I plan on continuing to use Dollar Savings.
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