I decided to check out their competition and see if they had decreased interest on savings accounts too. This would prove to me that it was a market effect due to the economy and not just Emigrant Direct lowering interest rates. I log onto Bank Rate and wouldn’t you know, none of Emigrant Direct’s competitors had lowered interest rates. HSBC Direct was still at 3.55% and ING was still at 3.4%, both higher than Emigrant Direct’s current rate.
I’m not a happy camper. L I go to bank rate’s calculators to determine the interest I’ll be loosing by having a lower rates and in the long term having a lower interest rate is only the difference of about 3 months to meet my car savings goal with Emigrant Direct rather than ING.
I guess I’m staying with Emigrant Direct since I don’t want to be opening and closing savings accounts every month to chase after the best interest rates.