Savings account interest rate. am i getting jobbed???
im currently in college with a bank of america account. i currently have $1683 in my savings. but i feel im getting the shaft on the interest rate. ive left the account untouched for months, and im only making like 25-30 cents a month (so like 3-4 bucks a year). and when i plugged the numbers into my calculator, it seems im only making like 1/4 of 1 percent interest when i thought a typical interest rate was like 2-5 percent (someone please correct me if im wrong. im only 19 so im not really familiar with how a lot of this stuff works). so should i switch banks or is this a common deal?
interest rates on savings accounts are dropping; it’s not that B of A is intentionally shafting you
you heard about the Fed’s cutting rates right? folks get happy right? well those Fed cuts are cutting into the interest rate on your savings accounts
That’s for ALL banks. I work at a bank and i HAD a savings accounts that had a interest rate of 3.75% and now its only 1.25% and steady dropping
Go to ingdirect.com; they have a great savings interest