Emigrant Direct reduces APY rate

Photoc · #1 10-02-2006, 03:56 PM

Logged into my account today and the rates have gone from 5.15% to 5.05% APY for American Dream Savings account. Just a heads up.

chopstick · #2 10-02-2006, 06:10 PM

[ QUOTE ]
Logged into my account today and the rates have gone from 5.15% to 5.05% APY for American Dream Savings account. Just a heads up.

[/ QUOTE ]

I noticed that the promo header had changed, but when I looked in my account itself, it was still showing 5.15% as the APY. Dare I hope we have been grandfathered in?

Photoc · #3 10-02-2006, 06:38 PM

I didn't think to look in there. I'm at 5.15 as well. I wonder if we are GF'd in.

chopstick · #4 10-02-2006, 07:10 PM

[ QUOTE ]
I didn't think to look in there. I'm at 5.15 as well. I wonder if we are GF'd in.

[/ QUOTE ]

I would think it would have changed yesterday if it was going to change, bankrate.com says the rate change was effective on Sept.29.

Anyone else want to chime in here?

Dazarath · #5 10-03-2006, 12:01 AM

Could someone explain to me what being grandfathered in means? Does that mean we get to keep old rates because we were already customers?

Jimbo232 · #6 10-03-2006, 10:25 AM

I checked my Emmigrant account today and my rate has now dropped to 5.05% from the 5.15% I initially opened the account with. FWIW, I opened my account about 10 weeks ago.

ebranig · #7 10-04-2006, 11:32 PM

this is exactly what "grandfathered" means.