ELoan has lowered the rate on their high yield savings from 5.25 to 4.75%, what a bummer! 🙁 After tax interest income is already exceeding inflation since per stats inflation here in OC is 4.3%.
Since more rate cuts are to come this situation is going to become horrible.
Countrywide makes me nervous, I know I shouldn’t since it’s FDIC insured. Their website has the same 5.5% rate for a 12 month CD and a savings account. Can you say “inverted yield curve”? Well I guess the only benefit would be to lock in the rate but still…
CW liquid rate was 5.40% a few months ago, it’s gone up.
IF you have faith in FDIC, it doesn’t matter who makes you nervous.
There is a benefit to an institution regarding their reserves level that they get from a 12 month CD, which is why 12 month pays higher than anything longer.
They are still paying 5.65% on accounts with $250K+
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