October 27, 2006 4:29 AM
Savings Rates Are Getting Lower
WSJ predicts interest rates for savings account and money market accounts will creep down from this point on. I cannot agree with it more. The golden days are probably over, which makes it a wise move to lock in some high yield CDs for now.
From WSJ:
Institutions including Bank of America Corp., Wachovia Corp. and Huntington National Bank, a unit of Huntington Bancshares Inc., have begun cutting rates in a number of major markets on some of their longer-term CDs. In Chicago, for example, J.P. Morgan Chase & Co.'s Chase dropped the annual yield on its five-year CD to 4% from 4.25% earlier this month.
Other banks are also starting to cut rates on short-term CDs, with maturities of one year or less, and other more liquid investments. Citigroup Inc.'s Citibank recently lowered to 5.25% the rate on its six-month CD from 5.50% in many of its markets. Among online banks, which have been offering some of the juiciest deals, Emigrant Savings Bank's EmigrantDirect.com and Capital One Financial Corp. recently trimmed rates on their high-yield savings and money-market accounts.
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