News, A whopping .04% return on savings. (Wells Fargo, paying, rate, credit)

[John1960]

Yields on money market accounts and CDs are pretty low right now, but that doesn't mean you should go chasing higher returns.

Seeking a higher rate of return on your liquid savings - Oct. 16, 2009

[treasurekidd]

You could do better than that looking for dropped change in a parking lot or metal detecting on a beach. Why anyone bothers to keep their savings in a bank is beyond me.

[marmac]

Since there is no COLA adjustment on SS cuz the cost of living hasn't raised, .04% sounds about right.

Sure we all would like to be getting 8% on CD's, but I wouldn't want the inflation to be sky high either.

If you think the housing crisis is bad now, what would happen if you got 8% on CD's and interest on loans were double digit due to inflation ?

been there,done that ( about 30 years ago )

[treasurekidd]

what would happen if you got 8% on CD's and interest on loans were double digit due to inflation ?

My mortgage is fixed rate, and I have no loans or credit card debt, so I'd love that 8% interest.

[lumbollo]

Go find a Credit Union and get your savings out of a commercial bank. You will get a better return because they are not paying out profits to shareholders and obscene salaries and bonuses to high ups. The absolute worst place, in terms of costs and rates of returns, to keep money is in one of the large national banks like BofA, Citi, Wells Fargo, etc.

[subsound]

It's not really news, I have been getting .02% interest in a WF savings account since 2001.