Last week managed to get away from me. Work got kind of crazy when people finally caught up after all the snow. While it was kind of fun to have a few snow days, we’re definitely paying for it now. I’m hoping this week isn’t quite as bad.
Over the past few weeks, I’ve gotten a number of e-mails from the various online banks I use for my savings accounts. Once again, they have all dropped their interest rates. I’ve become fairly numb to it at this point. It used to really bug me when I found out rates were dropping again, but now it’s pretty much expected. Rates on my ING Direct savings account have dropped three times this year alone! On some level, it’s just nice to be making any interest on my money, though I do miss the days of the 5% interest rates.
I think what bugs me the most is the low rates on CDs. I just had another CD from my CD ladder mature and I didn’t even bother to lock it into another CD. I realize locking in a low rate is better than locking in no rate at all, but it’s just a little frustrating.
Does that mean I’m less likely to save? Heck no! If nothing else, it means I need to try harder to save since I won’t be earning as much interest. And someday, those rates may go back up again. Maybe not this year or next year, but eventually.
So don’t let it get you down, savers! Keep saving!
Just remember – it’s all relative. Your “high yield” savings account might only be yielding 1.02% now, but compared to 0.02% of a brick and mortar bank you’re still way ahead! 😀