BusinessWeek has just published an article about Bank of America’s recent surprise mailings in January to some of its customers, announcing “that it would more than double their rates to as high as 28%, without giving an explanation for the increase.” These customers have good credit scores and hadn’t made any late payments, and those who called Bank of America to ask why this was happening weren’t given clear reasons. Industry experts say Bank of America has reached a “new level” of “lack of transparency in raising rates,” beyond anything Citigroup and JP Morgan Chase currently practice, because BoA is apparently using some undisclosed internal metric to determine who gets the rate hike.
interest rates
Fed Cuts Rate 1/2 Point To 3%
By 1.30.08
Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.
By 1.29.08
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HSBC Direct lowered its online savings account rate to 3.8%. Now my bet in moving all my money to E*TRADE, currently running at 4.4%, has paid off.
Swapped Cash From HSBC Direct To E*TRADE
By 1.22.08
Today’s interest rate cut means online savings accounts lovers will once again experience heartbreak as their high-interest accounts become even less so. There is still one company offering rates from the what now must be seen as halcyon days; E*TRADE’s online savings accounts give you 5.05%, though it’s not without caveats…
Fed Cuts Interest Rates In Emergency Action
By 1.22.08
The Federal Reserve Board cuts interest rates again, now down to 3.5% from 4.25%, in a rare move outside the normal meeting schedule. The reduction is meant to stimulate growth as banks will lower their loan rates for certain kinds of loans. Here’s how things will go for the consumer:
Fed Hints At Further Rate Cuts
By 1.10.08
In a speech today Feddy Reserve Chairman Ben Bernanke suggested that even steeper interest rates could be in the works. His strong language suggests that they’re considering a half-point drop, down from the current rate of 4.25%. If they follow through, the cut would be expected to be announced at the next Reserve Board meeting on January 29th. Last time rates were cut we took a look at how it affects the price of a bushel of corn in Kansas, i.e., you the average consumer, and another rate cut would be more of the same.
Highest-Yielding CDs With Reasonable Minimum Deposits
By 12.12.07
The fed rate cut means yields on money market accounts and online savings accounts are more than likely going to fall, making it a good time to look to switch money to certificates of deposit, as long as you don’t mind the illiquidity. Here are the best 3, 6 and 12-month CD rates right now with reasonable minimum deposit requirements.
By 12.12.07
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Stocks fell yesterday as investors sold off after only a 1/4 point drop instead of the 1/2 point drop the market was priced for/hoping for. Pre-market trading indicates there could be a rally today. [AP]
What The Impending Fed Rate Cut Means To Your Wallet
By 12.11.07
Signs point to a 1/4 point interest rate cut today. What this means for you:
Bush To Announce 5 Year Rate Freeze For Mortgages
By 12.5.07
Tomorrow, President Bush will outline a plan to freeze rates for 5 years for subprime mortgage loans that “originated between January 1, 2005, and July 31, 2007, with rates that are due to reset between January 1 of next year and June or July of 2010,” reports Reuters.
National Average Interest Rates
By 11.29.07
Here’s a slice of national average interest rates for credit cards, CD’s, auto loans, mortgages, and home equity, via Bankrate.
By 11.28.07
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Stocks jumped after the Fed hinted at further interest rate cuts. [AP]
3 Ways To Take Advantage Of The Fed Rate Cut
By 11.7.07
Bankrate shares three ways consumers can take advantage of the recent federal interest rate cut.
Perk Up: Consumer Confidence Falls To Two Year Low
By 10.30.07
Hey there, camper! Why the long face? Bloomberg is reporting that consumer confidence is at a two year low. Does someone need a hug?
Is Your Credit Card Rate Higher Than Average? Switch!
By 10.23.07
Here are the national averages for credit card interest rates, according to Bankrate. How does yours compare?
Verify Funky Online Banks
By 10.2.07
So you just found some awesome interest rate at an online bank. Only problem is, you’ve never heard of the place before. How do you know if your money is secure?
By 9.28.07
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Buoyed by the Fed rate cut and hope for another, indexes near July’s record levels. [NYT]
