This article is strictly about savings accounts. I am talking about money after you have contributed to your Roth IRA, 401k, and any other market activities you may be involved in.
Every month I get an email alert for my bank statements online. I do not even bother looking at them because they hardly pay me any interest on my money. I was thinking we the savers put our money into a savings account to earn currently 1% on our money. I know with the economy the way it is that seems to be the average. The banks take our money for practically free and loan it out for outrageous amounts even in the double-digit percentages.
Why wouldn’t a bank try to make a killing right now in deposits offering 3-5% on savings accounts? This will in turn give them more money to make better strategic loans. Sure their profit might be a little less but at the end of the day. But they may become a stronger bank for not having so many bad loans floating.
If anyone knows of some great CD’s or Savings rates please post a comment so everyone who is trying to save a little can make a little more than 1%.