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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{ 3 comments… read them below or add one }
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.
I’m leaning towards agreeing with you, Jason. Let’s see who’s the next to follow suit.
I noticed that ING Direct lowered their 12 month CDs from 5.25 to 5.20 today.