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Author Topic: Savings/CDs  (Read 815 times)
Taras
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May 29, 2014, 01:36:07 AM
 #1

Is 0.01% a real rate? $10,000 for a consistent year would give $1 in interest. Huh

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May 29, 2014, 01:39:41 AM
 #2

Is 0.01% a real rate? $10,000 for a consistent year would give $1 in interest. Huh

Not sure what you are looking at, but it is probably 1% (.01) not .01%
Taras
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May 29, 2014, 01:45:27 AM
 #3

Is 0.01% a real rate? $10,000 for a consistent year would give $1 in interest. Huh

Not sure what you are looking at, but it is probably 1% (.01) not .01%

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May 29, 2014, 02:20:43 AM
 #4

Is 0.01% a real rate? $10,000 for a consistent year would give $1 in interest. Huh

Not sure what you are looking at, but it is probably 1% (.01) not .01%


Fuck chase, go with a local credit union.

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May 29, 2014, 02:40:20 AM
 #5

Is 0.01% a real rate? $10,000 for a consistent year would give $1 in interest. Huh

Not sure what you are looking at, but it is probably 1% (.01) not .01%


Fuck chase, go with a local credit union.

Came here to say exactly that.  Credit Union FTW

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fdiini
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May 29, 2014, 04:14:52 AM
 #6

Bank robbing depositor with low rate.
cp1
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May 29, 2014, 04:23:31 AM
 #7

You can get a high yield savings account from other places between 0.5 and 1%

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May 29, 2014, 05:09:10 AM
 #8

In all the history of low interest rates that 0.001% is by far the lowest one I have seen and its per year not per month too.
I can't believe that the law even calls that a savings account just amazing.
Please go to your local credit union or switch banks that's an insult in my opinion.
http://savings-accounts.findthebest.com/l/1/Chase-Savings

Looks like a lot of people are complaining about it can't blame them your money can do much better anywhere else even a 30 day redeemable GIC.

http://www.truth-out.org/buzzflash/commentary/if-you-put-250-in-a-chase-savings-account-you-ll-get-2-5-cents-in-yearly-interest-and-maybe-charged-4-a-month/18083-if-you-put-250-in-a-chase-savings-account-you-ll-get-2-5-cents-in-yearly-interest-and-maybe-charged-4-a-month
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May 29, 2014, 06:56:26 AM
 #9

I imagine it is a typo or someone not knowing the correct punctuation and use of % (like several posters in this thread).  .01 = 1%.    .001% = .00001
ranlo
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May 29, 2014, 07:01:41 AM
 #10

Is 0.01% a real rate? $10,000 for a consistent year would give $1 in interest. Huh

Not sure what you are looking at, but it is probably 1% (.01) not .01%


Fuck chase, go with a local credit union.

Came here to say exactly that.  Credit Union FTW

This times 100. I've gone to the major banks near me and ALL of them offer 0.01%. I've had a couple that offer 0.00% (yes, zero interest). Credit unions have been between 0.06% and 0.5%.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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Singlebyte
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May 29, 2014, 08:01:57 AM
 #11

Quote
Credit unions have been between 0.06% and 0.5%.

I doubt anyone would have rates between 1/2 a percent (0.5%) and six hundredth of a percent (.06%).  That's not even logical.

Do you mean between .5% (.005) and 6% (.06)?
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May 29, 2014, 08:07:06 AM
 #12

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Credit unions have been between 0.06% and 0.5%.

I doubt anyone would have rates between 1/2 a percent (0.5%) and six hundredth of a percent (.06%).  That's not even logical.

Do you mean between .5% and 6%?

I seriously hope you're joking.

Here's one for BoA just taken (this is their highest interest account):

 Platinum Money Market Savings†
   Platinum    
   Rate(%)    APY(%)†   
Less than $10,000    0.03    0.03    
$10,000 - $19,999    0.03    0.03    
$20,000 - $29,999    0.05    0.05    
$30,000 - $39,999    0.05    0.05    
$40,000 - $49,999    0.05    0.05    
$50,000 - $99,999    0.05    0.05    
$100,000 - $249,999    0.08    0.08    
$250,000 and over    0.10    0.10

https://www.bankofamerica.com/deposits/bank-account-interest-rates.go

Here's one for Regions:

RATES
Balances   Interest Rate   Annual Percentage Yield
$50,000.00 or more    0.01%   0.01%
$25,000.00 - $49,999.99    0.01%   0.01%
$10,000.00 - $24,999.99    0.01%   0.01%
$2,500.00 - $9,999.99    0.01%   0.01%
$0.00 - $2,499.99    0.01%   0.01%

http://www.regions.com/Rates.rf


Yes, I was being serious. It's pretty sad. $1300 in the Region's account nets a whole $0.01 (yes, one cent) a month in interest.

Most banks here are 0.01%, but as stated, a few are 0.06-0.5


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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ranlo
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May 29, 2014, 08:25:26 AM
 #13

I was not able to pull up your second link, but the BofA link is correct.  Notice there are NO percent signs behind the numbers on the upper table?  The percent sign is at the top of the table and NOT behind the numbers.  BofA platinum money rates are 3% - 10%

Seriously, call them. They will tell you what I just did. Or just don't believe it, that's up to you.

Or you're not in the US (which would also make sense, as anyone in the US can tell you that the interest rates are ridiculously low here at the moment. Even savings bonds were 0.01% a year or two ago for one of the series, but those have gone up slightly).

Edit: here's another one from BoA (this is their CD's):

https://www.bankofamerica.com/deposits/bank-cds/risk-free-cd-rates.go

$5,000 minimum opening depositFootnote1
0.04% interest rate on all balancesFootnote 1
9-month term

Notice something? Yeah, it's just barely above that of the savings accounts. That or they want people to lock in CD's at a little over 1% of the interest rate of liquid savings accounts. You really need to learn how to read numbers, :p.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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Singlebyte
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May 29, 2014, 08:36:08 AM
 #14

Yea they do appear to be crazy low from those links you showed.  Good thing we are in Bitcoins! Lol

-edit-  

for shits and giggles I looked up my credit union.

BofA savings .01%
My Credit union savings .10% - .25%

https://www.cuoftexas.org/rates.php#checking-and-savings-tab

That's a hell of a difference.
ranlo
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May 29, 2014, 08:41:39 AM
 #15

Yea they do appear to be crazy low from those links you showed.  Good thing we are in Bitcoins! Lol

My highest interest bank account went from 4.5% (in 2005) down to 0.5% now. My old "main" bank account went from 1.5% down to 0.01%.

To put it into perspective, if you had $10k in the bank:

2005: $37.50 a month interest
Now: $0.08 a month interest

A difference of $37.42.

This is why I would rather deal with Bitcoin. Even a 0.02% interest rate is better than what I get in the bank. The only alternative is to use one that's not local (at 0.06-0.5%) which is a hassle and still nets almost nothing. That $10k, at 0.5%, is $4 a month.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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DolanDuck
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May 29, 2014, 12:13:40 PM
 #16

An interest rate of 0.01% is really crazy, I've never seen any below 0,5% in my country.
Btw just holding bitcoins I have had an amazing return, put your money into btc not in the banks!

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May 29, 2014, 02:55:28 PM
 #17

I was not able to pull up your second link, but the BofA link is correct.  Notice there are NO percent signs behind the numbers on the upper table?  The percent sign is at the top of the table and NOT behind the numbers.  BofA platinum money rates are 3% - 10% (.03 - .10)

There's no way anyone pays 10% right now.  30 year muni is only at 5%

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ranlo
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May 29, 2014, 03:07:13 PM
 #18

Yea they do appear to be crazy low from those links you showed.  Good thing we are in Bitcoins! Lol

-edit- 

for shits and giggles I looked up my credit union.

BofA savings .01%
My Credit union savings .10% - .25%

https://www.cuoftexas.org/rates.php#checking-and-savings-tab

That's a hell of a difference.

Hey, I'm in TX as well!

Credit unions are definitely the way to go. The interesting part about this is that years ago (8 or so I guess) CUs were paying lower interest for me than other banks were. I still don't get why there's such a big difference between the two though, being that everyone can join either.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 29, 2014, 03:11:08 PM
 #19

Buy Hobonickels and other PoS ( proof of stake ) coins instead, seriously, putting money in a savings account that can get frozen or the company go bust in a year or two is very risky, all banks are going to keep their interest rates below 1% forever until they either go bankrupt or their governments collapse because they rely on gullible or unreliable borrowers in order to make money.
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May 29, 2014, 03:26:17 PM
 #20

Buy Hobonickels and other PoS ( proof of stake ) coins instead, seriously, putting money in a savings account that can get frozen or the company go bust in a year or two is very risky, all banks are going to keep their interest rates below 1% forever until they either go bankrupt or their governments collapse.

A coin that earns 10000% APY means nothing if its value is dropping at the same speed or more. Just because a coin is PoS doesn't mean it's profitable. You're better off just buying into BTC and rolling with it, as investing in the altcoins just brings about another point of failure.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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