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Every body is dropping their rates. I just tied up 200K at a bank paying 4.8% for a year!! They will pay 5% for 6 months!
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Yeah, CDs don't look so bad now do they? I wish I had put some money in one last fall when rates were as high as 6%.
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I called and the rep told me Monday, because I couldn't see what the apr was so I called them. As the rates drop, I'll take money out and move it, leaving a small amount in there so as not to have any paperwork and it will keep it open.
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The problem I see with rate-cashing in this environment is when you think you've settled into a nice interest rate at one bank, it's only a matter of time before the latest Fed rate cut causes it to drop.