It’s the biggest cliffhanger since Colin Baker literally hung off a cliff to end a truly bad episode of Doctor Who. On August 8, the Fed will meet and decide whether to raise interest rates. Traders think there’s a 76% chance the fed will pause the rate hikes, for at least the time being.
I expect banks to see this as a signal to lower the interest rates on savings accounts. In fact, GMAC has already lowered its APY to 4.9% (or 5.0% for amounts above $500). Follow the latest rates here.
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2:18 pm (reply)
Interesting, I use gmac for my savings. The rate for accounts over $500 had just increased twice in the last few weeks to 5.05 and then 5.10. I think with the latest jobs report they changed their opinion on another rate increase from the fed.
2:23 am (reply)
I’m leaning towards agreeing with you, Jason. Let’s see who’s the next to follow suit.
9:31 pm (reply)
I noticed that ING Direct lowered their 12 month CDs from 5.25 to 5.20 today.