Savings accounts are a joke...
09-21-2012 06:29 PM
My oldest daughter (17) is very in tune with her money and we go over her accounts once every pay day (every other Friday)...at her request. She has nearly $1400 in savings and last month got a whopping .05 in interest. This month she only got .01 which happens to be the going rate for interest for savings at this particular bank. Are we going to have to pay banks to keep our money in the future? She also has 2 CDs with nearly 7k & 3.5k in them that she's freaking out about. Funny how she's so concerned with her money but thinks she can spend ours without guilt.
What's the point of having the money in the bank? Why not stuff it in a mattress? It's probably safer there?
Do you think the interest rates will go back up? They are really awful right now!