US Personal Income up $173.5 billion in September: Savings negative Four Months in a row - - Dr. Peter MoriciHowever... what's the point?
My regular savings account with Bank of America gets a whopping 0.5% interest per anum. For every hundred bucks I save for a year, I get 50 cents. And if the balance gets below $300, you get a $3 a month service charge tacked on. If I got one of their money manager savings accounts, I'd get the increased rate of 0.55%. Woo - an extra nickle! But their minimum amount is $1000, and it's $10 a month until you get a $5k average in the account.
Wow. Such riches.
My Paypal account has no minimum amount, and pays 3.89%, with the dividend paid monthly.
Sheesh. And economists are worried because folks aren't saving. Well, there's no INCENTIVE to. Maybe they're just socking it under their matresses. Might not be getting interest - but at 0.5%, inflation'll eat up any interest you get from the bank. We've got the !st Nat. BankoDaddy rates in our house - Aaron gets his savings doubled per year. I tell him if he saves his money for flying lessons when he's old enough, I'll match whatever he has saved.
But it's not working too well... yet.
(BTW, at dinner yesterday I asked him the 4 forces that affect an aircraft. Danged if he didn't get them right!) (Lift, thrust, drag, and weight - if you didn't know. Some folks don't consider weight as one of the forces, for some reason.)
J.