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It seems that the previous discussion about this got swallowed up by the crash, so I'll start it up again...
I just got an email stating that Ally Bank's savings account interest rate will be dipping downward once more, 1.8% effective tomorrow. Woe is the saver...
Stinks even more for us right now, because we're in the process of saving up for our next home purchase, so we've got ~$120k sitting in cash, on the way to $150k by April. About half of it is in an Ally savings account, the other half mostly in a MMF at Vanguard (not really earning anything different).
All this talk of the NY Reserve pushing liquidity into the lending system, and market expectations of another rate cut by the Fed at the next meeting... Obviously it's the way of the economy, this up and down, but it was encouraging for a while watching the savings rates creeping up from <1% to >2%. Oh well... Easy come, easy go.
I just got an email stating that Ally Bank's savings account interest rate will be dipping downward once more, 1.8% effective tomorrow. Woe is the saver...
Stinks even more for us right now, because we're in the process of saving up for our next home purchase, so we've got ~$120k sitting in cash, on the way to $150k by April. About half of it is in an Ally savings account, the other half mostly in a MMF at Vanguard (not really earning anything different).
All this talk of the NY Reserve pushing liquidity into the lending system, and market expectations of another rate cut by the Fed at the next meeting... Obviously it's the way of the economy, this up and down, but it was encouraging for a while watching the savings rates creeping up from <1% to >2%. Oh well... Easy come, easy go.
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