. . . if you’re earning just a hundredth of a percent in the bank, as esteemed reader Gray Chang notes many of us are:
“Maybe you saw this last week in the New Hampshire Union Leader: Big banks are still paying American savers almost nothing, even as interest rates hit 2.5 percent. Chase and Wells Fargo are paying 0.01 percent on savings accounts, whereas many smaller banks and few larger ones are paying 2.00 to 2.40 percent, all FDIC insured. If consumers would get smart and move their accounts to the more generous banks, the big banks would be forced to pay more.”
And we’re not talking about CDs with penalties for early withdrawal; just fairer rates for the money you keep on deposit.
Check out bankrate.com to see your options. (And check your own bank to see if they have a better option.)
[The two broken links within yesterday’s post are now fixed. Sorry about that.]