Saving Account Interest Rate Data | What’s It All Mean Anyway?

High Return Savings Account — Wed, 23 Sep 2009 03:14:42 +0000

Saving account interest rate information floods our homes and our television screens and in today’s environment it just doesn’t seem to add up to much of anything. I mean right now rates are so low that even a typical ‘high yield’ saving account interest rate is running about 1.5%. I don’t think anyone on a fixed income is going to be living high on the hog with that kind of saving account interest rate are they? So Why Bother With an Online Account? Good question, but there certainly is a valid reason. Online or so-called ‘high yield’ saving accounts actually do perform substantially better than local savings accounts over time, it’s just hard to differentiate between the two right now because rates are so low. As rates recover what you find is that while the average savings rate stay flat at the present low rates (average rate for all savings accounts is about 0.3% – highway robbery in my humble opinion), the online bank rates will rise and fall with the Federal Reserve rate. Mortgage Rates Jump with Fed Rate Yet Savings Account Interest Rate Data Shows Local Saving Rates Don’t. Why? This is another good question. Why DO local [...]

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Saving Account Interest Rate Data | What’s It All Mean Anyway?