Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
Re: Savings accounts are a joke...

Savings rates are being held at close to nothing due to the monetary policies that the Feds are trying to promote. In order to increase spending and the economy as a whole the Feds are trying to get you and all Americans to use there money and NOT save. There should be an upside to this, as all lending rates should be at historic lows and money should be easily obtainable because banks essentially have an unlimited supply of close to free money. However due to the credit crunch in recent years, banks have clamped down on lending and made it inaccessable to many Americans.

 

Basically, the rates are all great for borrowing money but will be horrible for lenders (in this case that include you as you are lending the bank your money for close to nothing)  for a long long time. Basically until the entire US economy improves drastically.

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656