Financial Options Were More Impressive When I was 14
I spotted this ad in the back of yesterdays newspaper.
1.02% is a red hot rate?
I remember being in high school and depositing a CD at the bank from money my Grandma gave me. I got a rate of probably close to 4%.
That was maybe 10 years ago. I had no need for the money back then so a CD was the best and easiest option.
What would be the point of even bothering with it today if all you get is one measly percent?
Maybe there isn’t much difference between 10 bucks on a thousand and 40, especially with inflation running rampant, but should it matter?
People can’t be reasonable and expect to earn a something from their savings and banks can’t operate at an effective rate to loan and make money.
No fan of banks am I, but they still need to operate at a certain level to make money and 1% interest just ain’t cutting it. When banks have displayed a recent history of financial foolishness is keeping their hands tied with interest rates really a good idea?
How complacent have things gotten that we’re calling a 1% rate Red Hot?