Yikes….the “R” word

Looks like were going to a recession.

The Dow dropped quite a bit…and the Feds have cut the interest rate by 0.75.

If you have money in a savings account like ING (which is a fabulous product, by the way), you should maybe consider putting that into a CD. Anytime the Feds cut the interest rate, all the banks will follow. Right now the savings rate is 4.10 APY, and will probably fall to 3.35. Their CD rate is currently 4.35, and they have 6 to 60 month increments for CDs and will lock in that rate.

If you have money just sitting, CDs are probably going to be your best bet for the short term; especially since stocks are tanking.

Just something to consider. Also, to sweeten the pot, if I refer you to open an ING service, you get $25 and I get $10. So if you are thinking about it, let me know and I’ll give you some more specifics.


Husband said...

This is why my wife handles our money. I'm just in charge of hunting for supper.

Court said...

Ahhh don't say the R word.