Capital One raised interest rate to 1.6%

[msomnipotent]

Just got an email stating that the rate for the 360 Money Market account is raised to 1.6%. Never thought that I would be happy to be earning 1.6% interest, but here we are.

[TexasHusker]

Just got an email stating that the rate for the 360 Money Market account is raised to 1.6%. Never thought that I would be happy to be earning 1.6% interest, but here we are.

The means that the cost of borrowing is going up as well...

[Jluke]

I took advantage of the CapOne360 12-month cd at 2.1%.

Basically put 2019 school taxes in there so I'm set for next year on that large bill.

ETA: I have had the Savings account for a long time (ING days). I am annoyed that the money market account has the higher rate than savings account. Semantics really so why should I have to convert to the MM...

and as disneysteve pointed out 10k+ balance for the higher rate in MM.

at my credit union my son gets 1.5% for anything at or below $500 (Youth savings account).

[disneysteve]

Just got an email stating that the rate for the 360 Money Market account is raised to 1.6%.

To be complete, that is the rate for balances of $10,000 or more.
For balances under $10,000, the rate is 0.85%.

If you don't expect to hit the 10K mark, there are better options. Capital One's savings account pays 1% but Ally pays 1.5%.

[msomnipotent]

The means that the cost of borrowing is going up as well...

Yep. I just refinanced our ARM to a 30 year last week and the rates already went from 4.6% to 4.75. Our mortgage broker said that he would be shocked if rates did not hold steady at 5% or more by the end of the year. But 5% is still pretty cheap. I remember having 8% with excellent credit.