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Contributed by mm | October 27, 2006 4:29 AM PST
WSJ predicts interest rates for savings account and money market accounts will creep down from this point on. I cannot agree with it more. The golden days are probably over, which makes it a wise move to lock in some high yield CDs for now.
From WSJ:
Institutions including Bank of America Corp., Wachovia Corp. and Huntington National Bank, a unit of Huntington Bancshares Inc., have begun cutting rates in a number of major markets on some of their longer-term CDs. In Chicago, for example, J.P. Morgan Chase & Co.'s Chase dropped the annual yield on its five-year CD to 4% from 4.25% earlier this month.
Other banks are also starting to cut rates on short-term CDs, with maturities of one year or less, and other more liquid investments. Citigroup Inc.'s Citibank recently lowered to 5.25% the rate on its six-month CD from 5.50% in many of its markets. Among online banks, which have been offering some of the juiciest deals, Emigrant Savings Bank's EmigrantDirect.com and Capital One Financial Corp. recently trimmed rates on their high-yield savings and money-market accounts.
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A Sneak Peek Into Citigroup's New 401(k) Plan (November 3, 2006)
Woo, up to 8% of company contribution into 401(k) accounts -- this is probably the highest among major companies. And you can expect that there are many finance-smart folks in Citi.
An Ownership Society Still Takes Time (November 1, 2006)
WSJ reviews the progress to get more people automatically signed up for defined contribution plans like 401(k). I generally favor the adoption of The Pension Protection Act of 2006, which will increase the awareness of retirement savings in the general public, and force more people ...
Savings Rates Are Getting Lower (October 27, 2006)
WSJ predicts interest rates for savings account and money market accounts will creep down from this point on. I cannot agree with it more. The golden days are probably over, which makes it a wise move to lock in some high yield CDs for now.
Stable Value Fund May Not Be Safe (October 22, 2006)
My company's 401(k) plan never includes a stable value fund, so I never got the chance to make a decision whether to invest in such funds. However, NY Times reminds us that stable value funds have their fair share of risks too. Some poorly run ...
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