a more normal world where having money in the savings account actually earns us interest
this. I had one as a kid and in college but my interest rate was so close to 0% it may as well have been. I ended up closing it because what’s the point? I only just opened one again last month because I was able to get a bit over 4% now, but at a diff rent bank because my old bank doesn’t even have higher interest rates anymore. I used to throw my excess money into the stock market because that’s where all the gains were but now I can get 4% with no risk thanks to the FDIC so that’s what I’m doing now. these interest rates are normal and I’d rather this than the Era of Easy Money
this. I had one as a kid and in college but my interest rate was so close to 0% it may as well have been. I ended up closing it because what’s the point? I only just opened one again last month because I was able to get a bit over 4% now, but at a diff rent bank because my old bank doesn’t even have higher interest rates anymore. I used to throw my excess money into the stock market because that’s where all the gains were but now I can get 4% with no risk thanks to the FDIC so that’s what I’m doing now. these interest rates are normal and I’d rather this than the Era of Easy Money
If your interest rate is 0 then you’re losing money due to inflation
I’m not saying this to accuse you, I’m saying this to educate anyone who may be unaware