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Selected category: Savings
Most savings and CD rates hit record lows last week. Average savings rates reached a new record low of 1.47% APY last week, down 4 basis point from 1.51% APY the previous week. Average one-year cd rates showed the largest drop, falling 10 basis points to 1.85% APY. Average three-year cd rates dropped four basis points to 2.63% APY. The only glimmer of good news were five-year CD rates which increased from 3.18% APY to 3.20% APY.
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Compound Interest
What is Compound Interest? Albert Einstein, well known for being smarter than the average, once called compound interest "the greatest mathematical discovery of all time". However it’s not totally necessary to be as... Read →A survey commissioned by ING Direct has some interesting findings on American attitudes towards savings and debt.
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Savings Accounts Vs. Money Market Deposit Accounts
There are numerous types of bank accounts casual consumers have, but how many people know the differece. This article explains the difference between checking, savings, NOW, and money market deposit accounts.
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Read →Savings and CD rates continue their slow glide to oblivion while 30-year mortgage rates climbed above 5% for the first time since October.
Read →Every now and then the mainstream media will do an article on the hatchet job that the Fed has done on the savers of this country. Today they printed one such article.
Read →Savings and CD rates dropped last week while mortgage rates rose, reflecting the steepening of the Treasury yield curve. The Fed continues to hold short and medium term rates low and longer-term rates are responding to inflation fears.
Read →Savings rates stayed at the 52-week low last week, holding steady at 1.61% APY. One year CD rates took the steepest dropped by 1 basis point to a new BestCashCow low of 2.00% APY. According to the BestCashCow mortgage rate tables, the average 30-year fixed rate mortgage is below 5% at 4.957%. The fifteen-year fixed-rate mortgage average is 4.4%.
Read →Savings rates hit a new 52-week low last week, falling by 1 basis point from 1.62% APY to 1.61% APY. One year CD rates took the steepest drop, falling by 7 basis points to 2.01% APY. Both three year and five year CD rates fell slighly, by 3 and 2 basis points respectively. The slow, painful downward trend continues.
Read →CD and savings rates showed virtually no movement over the past week. Mortgage rates have decended over the past three weeks, touching lows not seen since last April when the Fed began buying up mortgage backed debt.
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