Earlier today the Federal Reserve’s Open Market Committee cut interest rates – again – by 50 basis points to 3.00%. This is good news for those who are looking to get better-cost money from banks or who are worried about the cost of bank money, but for anyone who has an interest bearing account – this blows!
I have an ING Direct Savings account and my once 4.5% interest rate is now down to 3.0%! Sure, it’s better than you’ll ever get by opening a walk-in savings account at a regular bank, but my returns have been cut in half by 33% over the last few months! Come on!
Stupid subprime market ruining the economy causing a recession… 🙁
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