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Friday, August 04, 2006

Is the Gravy Train Over?

Have interest rates peaked? For the first time in at least 3 or 4 years a leading online savings account has actually lowered its non promo interest rate. Today GMAC dropped their money market rate from 5.1% to 5.0%. Also they dropped their 6 month CD rate from 5.5% to 5.0%. Hopefully other banks do not follow suit.

Savings Accounts:
Emigrant Direct: 5.15%
E-Savings: 5.00%
GMAC: 5.00%
ING: 4.35%

6 Month CDs:
Citi: 5.5%
Emigrant Direct: 5.35%
GMAC: 5.0%
ING: 5.0%

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