THE BORE
General => The Superdeep Borehole => Topic started by: Ecrofirt on April 14, 2008, 02:00:39 AM
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So, I've got a checking account and savings account at my bank.
I've pretty much given up on the savings account, because the interest payments I get seem to be really low.
Here's an example:
I've got ~$1600 in the account. I've had this amount in the account for over a year now, because I don't put any money there.
On March, I got a $.27 interest payment. $.26 in February, and $.28 in January.
Now, since these numbers are so consistent, I end up getting about $3.30 in interest every year.
It's been awhile since I've done any kind of banking math, so I know I'm not doing this correctly, but over the course of the year, this is like .2% money made or whatever.
Seems ridiculously low. Is this really what banks are giving out? Why even save money? Christ, I could make more picking up pennies on the street.
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hah, maybe it's not that far off.
I just checked my bank's site, and they've got a .2% rate.
Jesus, they give more if you've got a checking account. Why do I even have this crappy savings account?
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That's why you keep storing money in there, $1600 is piss and wont get you shit
Or just use a company like ING
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I don't live in the US so I don't know for sure, but surely you can find a flexible bank account that pays decent interest. Maybe an online-only account? They usually have interest rates that match or better the longest term deposits, but are completely flexible unlike a term deposit.
Or if you have a home loan or other personal loan, put your spare cash in there to save interest.