Yup... the FED changed their rates... and business are following suit.
- ING Direct- As of TODAY 9-19-07
- 4.30% APY on Savings Accounts
- 3.50% Electric Checking
- 4.90% on CD's
Expect drops from this institution and possibly others... I won't be surprised if Emigrant Direct and IGoBANKING follow suit next... although i hope not because my money is sitting over there since their rates were always better then with ING Direct.
Since the fed funds rate went down, its now cheaper to borrow money. Cheaper money means that banks will get less in interest charges overall because they will give loans to people for a smaller rate, and therefore they will offer lower interest rates to savings accounts and CD's.
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