On my way to work this morning, I got the news alert that the Fed had cut interest rates again. Within 10 minutes of turning on my computer, I had dumped another chunk of my savings into an ING Direct CD. I was planning to wait to make a more effective CD ladder, but when the Fed cuts rates, it hurts us savers, as the banks tend to drop their rates as well. It’s still nowhere near the rates of a year and a half ago, but if I’m going to be saving that money, I want it to grow as much as I can.
Am I the only one who jumped on a CD this morning?