Are you feed up with your bank? Do you think that it is not providing you with the best service? Do you wonder where to put your money?
We want to be able to help you make money and make it work harder for you.
What we are looking for are best interest rates.
We need to set limits so we can compare equally so the amount to invest is $100 and the account type is for adult saving accounts.
Their interest rates start at 0.05% and go up to a staggering 1.00%. What does this mean for your saving? This means if you invest $100 in you will earn 5 cents; if the interest rate is 1.00% you will earn a dollar.
The minimum amount that you will need to open an account is just $10. But the accounts that are offering the 1% is for more than $100, so the account offered is 0.05% interest.
Now I wasn’t expecting big numbers and I know it can depend where you live as to the exact rates and products that you are able to obtain, but I was hoping for a bit more. If you have other accounts with Chase Bank you might manage to get 0.05% otherwise it is 0.01% interest. So, with no other account at Chase Bank, it is just 0.01% for us.
I am beginning to remember why saving and making money doesn’t go hand in hand at the moment.
There are three savings accounts that I have found and the minimum amount of money that you need to open is the full $100 if on-line and $10 in person. They have an average rate for the savings from 0.05% up to 0.15%, again 0.05% offered.
Great news the TD Simply Savings account has no minimum amount for the opening of the account. But unless you are aged over 62, have other products with them and do a monthly transfer, you also need to have over the minimum daily balance or they are going to charge you for the account.
So, with the $100 dollars and not being over 62 and no other products with the company I haven’t even bothered to find out their interests rates on this product.
What it means to you
I have been aware of the situation that we are all facing with the low interest rates, but it is not till you sit down and compare what you are being offered and what those figures actually mean to the person that you begin to realise perhaps why people just aren’t choosing to save their money.
This could be the reason why that an estimated 38% of Americans have no emergency savings accounts, a staggering 25% of Americans have no savings at all.
What does this mean? It means that we are still living in an economy that is reliant on the monthly payment checks that are receive and they are either living pay check to pay check or are borrowing money.
It is possible to see from the selection that Salem Five Bank and First Trade Union have the same rate of interest, for the amount of money that we would have to save.
What banks have you found that will pay higher interest rates?