yeah, those banks? they don't really want anyone's money

[winterbadger]

Banks are in trouble right now, yeah? They really need all the cash they can get to stay afloat, right?

Apparently not. Because when I checked about renewing the CD I have my liquid nest egg in, the *best* rate they can offer me is around 2%, and that's for a 12-month deposit. The rate they're offering for something like I have now is around 1.7%. The CD I currently have is over 3%, and that was relatively short term.

This tells me that they don't really *want* my cash, because they're not willing to offer me anything much to borrow it. I need to finally take the time to sit down with my retirement account manager, but I'm tempted to follow the president's advice and put my money into actual investments. Yes, the market is probably going to go down some more before it goes up, but it *will* go back up. And 2% is derisory!

Comments

[magaidhbhan.livejournal.com]

...aaaand on the other side of the financial world, the APR on my credit card just went up to -- wait for it -- 29%. It started at, um, 13%? Maybe 17% after the last panic? (I'm terrible, I don't really pay much attention to it as a general rule, since I try to pay off everything at the end of every month -- but boy, *that* sure caught my eye!)

And I have *good* credit. Thank god there's nothing big just sitting on that card right now.

[winterbadger]

Yeah, a large chunk of my CD is going to pay off my credit cards (which have a pile of soccer_fox's tuition and stuff on them); the finance charges are a lot more than I'll be making holding the money in savings or even in CDs.