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Do u know the interest rate at your bank?

Do u think they will ever go back up?

Answer Question

Asked by mamaofficer at 12:09 AM on Jul. 11, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (6)
  • Oh, you mean the interest rate on my "free checking" account? lol Pretty sure it's .00000001 percent - and that's probably rating it high. Hahaha...

    Answer by crystalbean2 at 12:13 AM on Jul. 11, 2010

  • Interest rates at banks are different for each type of loan or interest bearing account. I can tell you what the interest rates are on my loans and savings accounts, but they're not the same. One home loan has a different interest rate than the other, and neither of them are the same as an auto loan. Even within auto loans, the interest rates are different based on age of the car and length of the loan and credit score.

    Do I think they'll go back up? Eventually, when the Fed raises interest rates, yes.

    Answer by michiganmom116 at 12:23 AM on Jul. 11, 2010

  • Our checking is .25% and our savings is .15 I think? That's just one of our savings accounts- and the only reason I know that is because we just opened the accounts.

    But yes I do think that the interest rates will go back up. They obviously can't go much lower.

    Answer by Erica_Smerica at 12:51 AM on Jul. 11, 2010

  • 4.5% for a mortgage loan
    3% on checking acct
    4.5% on savings

    Answer by plclemo at 3:55 AM on Jul. 11, 2010

  • Depends on what you mean by interest rates. Are you talking about rates for differents accounts or rates for loans?

    Answer by SherriPie at 9:46 AM on Jul. 11, 2010

  • I don't pay attention to my standard bank interest rates, because we don;t have bank savings accounts--we have alternate long term savings and money market accounts--THOSE rates we are certain of, because they actually yield something of value!!

    If you have money you can tie up for a couple of years, I think the time is ripe for purchasing "tax sale" homes! You typically pay around $2-3000 (the tax that the homeowner owed before they abandoned the home or were foreclosed on) for the home, and 2 years later, if the tax debt is still not paid, the house is YOURS! But even if the tax is paid off and you lose the home, your money had been put in an escrow account generating 20 PERCENT interest for those two years--more than you'll get keeping that money in any kind of savings account! You lose nothing!

    Starter homes (cape cods, small ranch types), ar teh ones you should consider scooping up--they'll be the first to sell!

    Answer by LoriKeet at 10:09 AM on Jul. 11, 2010

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