Re:How deep is the rot in America’s banking industry?
by bandofthehawk on Thursday March 16, 2023 @07:46PM
(#35190603)
> No sensical person is concerned with the interest rate on savings, it is nearly zero and effectively negative
This might have been true for the past ten years or more, it's not true now. You can easily find savings accounts now which offer over 3%, and it's going up as the fed continues to raise rates.
This still might not be the best investment when you consider the high inflation, but it's great for emergency fund type accounts that need low risk, high liquidity.
Re:How deep is the rot in America’s banking industry?
by nightski on Thursday March 16, 2023 @08:29PM
(#35191013)
Ally is 3.6% right now and they aren't even the best. Their no penalty CDs are 4.75% which are FDIC insured as well.
Re:How deep is the rot in America’s banking industry?
by upsidesinclude on Thursday March 16, 2023 @09:42PM
(#35191744)
3% savings in a 6% inflation year is negative returns.
I cant believe this got downvotes...
No sensical person is concerned with the interest rate on savings, it is nearly zero and effectively negative.
I dont believe anyone should have a single account with 100 million dollars nor should banks allow that, but they do. Perhaps part of the problem is that the $250k coverage is a value that should adjust annually and coverage should be relative to each account as opposed to each account holder