The Frugal Duchess hosted this week’s Carnival of Personal Finance, and highlighted one of my posts! Check it out. It’s been a while since I’ve submitted to a Carnival of any sort, so it’s great to be a part of this one.
So this week, the Fed cut rates again. Honestly, I think I’m becoming a bit immune to it. When it first started, I found the dropping interest rates on my savings accounts incredibly frustrating. Now I just sort of shrug. As I’m writing this, my rate at ING Direct hasn’t yet dropped, though their CD rates have dropped. Seeing as the 6 month CD is at 2.5% and the savings account is at 2.75%, I’d say that savings account interest rate is very likely to drop soon. Otherwise, what would the incentive be to put money into a CD at all?
I have a CD that will come due in January and just got a message about that from ING Direct. In previous months, they had been offering a .1% bump in the interest rate if you rolled the CD into a new CD. That offer was not made this go around.
Like I said, in previous months, this would be frustrating me, but instead I just sort of shrug my shoulders and keep saving. Earning any interest is better than no interest at all.