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Emigrant Direct lowers rate to 4.30%

January 28th, 2008 by Grant in: Banking, Saving
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As expected, Emigrant Direct has followed suit on lowering interest rates for its online American Dream Savings Account to 4.30%.  I can’t say that I didn’t see this coming, but the dropping rates are driving me to start maneuvering money back into the stock market.

I’m starting to rethink my goal of having $50,000 in the account to generate some secure passive income.  While it’s still a good goal to have, the money I have allocated for that account may work harder elsewhere, like in high yield ETF’s.

I’ve already got the mandatory 6 months worth of expenses stored up in savings, and am now strategizing on how to put my money to work.

What do you think? Is Emigrant Direct still a good place to store savings?

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2 Comments

  1. Writer's Coin
    January 29th, 2008 at 1:38 pm

    I’ve been debating the same question only with my ING account (down to 3.65%, ouch!). I think after an emergency fund has been created (4-5 months worth), then why not put that money into the market? I would use dollar cost averaging to slowly get into my already existing positions (index funds) and maybe use a small percentage of my overall portfolio (say, 5%) for individual stocks I’ve done my homework on.

  2. Grant
    January 29th, 2008 at 6:43 pm

    I agree completely, and this is the direction I’m leaning for now. Any further rate cut will solidify the decision.

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