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An Adverse Effect of Lower Interest Rates

September 29th, 2007 by Grant in: Banking
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It comes as no surprise that EmigrantDirect has lowered it’s American Dream Savings account interest rate to 4.75%. A 0.3% reduction in the APY.

It’s one of the adverse effects of Mr. Bernanke lowering the fed funds rate (of which I believe he overdid), and makes the stock market look more attractive to investors at a time where savings needs to be promoted.

Of course, you can’t have your cake and eat it too…

At 4.75%, EmigrantDirect still beats my Bank of America money market account, so it’s still the place I go to stash cash for a rainy day.


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