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    Savings Account Rates

    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.
    "Praestantia per minutus" ... "Acta non verba"

    #2
    Barclays 1.9%...thats what I use.

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      #3
      Originally posted by kork13 View Post
      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.
      Being that it is for a house and not for income during retirement, I wouldn't worry too much.
      Even if the savings rate was 0, you are still saving for a down payment. Which is something that a lot of people don't do.

      Brian

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