The Phaserl


Why your savings account WILL lose money

from Sovereign Man:

On the flight down to Chile the other day from the US, I opened up a local Texas newspaper to an article entitled something like: “Getting the most out of your savings account”.

The reporter went on to list all the banks in the area where you could lock your money up in a 1-year Certificate of Deposit, and ranked them by who was paying the highest interest rate.

This will come as no surprise to you, but 0.9% was soundly in the top 10 for a 1-year CD… and 0.4% was in the top 10 for a 6-month CD.

“Pathetic” is probably the word that I would use to describe this. Perhaps even criminal.

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