Have bank interest rates gone down?

debodun

debodun

SF VIP
Location
way upstate in New York, USA
In July, I received a little over $14 in interest on a checking account. In August I received a little over $6 and in September it had dropped to $3. I have just about the same amount in the account over these months.
 

debodun said:
In July, I received a little over $14 in interest on a checking account. In August I received a little over $6 and in September it had dropped to $3. I have just about the same amount in the account over these months.
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You must be keeping a very substantial balance in your checking account to get $3.
At the lowest point last month, I had $7000 in my bank checking account which yielded a grand total of 24 cents for the month.
My savings account of $3000 at that same bank yielded a whopping 58 cents for the month.

I don't let money build up too much at any of my regular banks. I move it to better investments fairly quickly, but those are becoming hard to find.
 
I believe it was around the Carter administration when interest rates in the bank were 8, 9, and 10 %. I miss those days. Interest rates were high for U.S. savings bonds as well. They had a guaranteed minimum of 4% which I'm getting now.
 
The answer to ' how do I get an adequate or acceptable return for my money?'

There is a thread on this site, "Old advise Vs. New advise" Education is the key: Nasdaq stocks pays a low yield of but are safer than the big board.
I reached the stage where I had no mortgage, kids, had an excess of moneys to invest...
There was a broker on Christian Radio in his 70's. He had made his money, wanted to assist
others...I followed his advise, made a sufficient amount of money in 7-8 years, by purchasing Putman Group of various stocks.

Warning! Putman group of Senior Advisors changed, cheated investors, lot of court cases...Determining what corporate goals are and do they follow their propaganda is essential. If their sufficiently interested in their investors this year, that does not mean they will remain so.
Information and how to obtain it, is time consuming and difficult, but you must obtain it.

There are a limited number of large corporations wherein you can buy stock directly from the corporation without a broker:
Coca Cola was one, cannot remember the others.
 
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debodun said:
In July, I received a little over $14 in interest on a checking account. In August I received a little over $6 and in September it had dropped to $3. I have just about the same amount in the account over these months.
Click to expand...

If you have money just parked at your bank earning very little interest, you might look into what we did for our emergency fund. We opened a high yield money market (via the internet) with Marcus by Goldman Sachs. They started us out at 2.25 % but have dropped twice now down to 2.0 %. The money is very liquid and we can transfer it into our local bank by internet usually the same day. Last month got $90 on $50K. Still not enough to keep up with inflation, but a better (IMO) place to park some funds.
 
jerry r. garner said:
The answer to ' how do I get an adequate or acceptable return for my money?'

There is a thread on this site, "Old advise Vs. New advise" Education is the key: Nasdaq stocks pays a low yield of but are safer than the big board.
I reached the stage where I had no mortgage, kids, had an excess of moneys to invest...
There was a broker on Christian Radio in his 70's. He had made his money, wanted to assist
others...I followed his advise, made a sufficient amount of money in 7-8 years, by purchasing Putman Group of various stocks.

Warning! Putman group of Senior Advisors changed, cheated investors, lot of court cases...Determining what corporate goals are and do they follow their propaganda is essential. If their sufficiently interested in their investors this year, that does not mean they will remain so.
Information and how to obtain it, is time consuming and difficult, but you must obtain it.

There are a limited number of large corporations wherein you can buy stock directly from the corporation without a broker:
Coca Cola was one, cannot remember the others.
Click to expand...


The poster is referring to interest income , not equities
 
they are , which is why i said this comment does not fit in to this discussion


jerry r. garner said:
The answer to ' how do I get an adequate or acceptable return for my money?'

There is a thread on this site, "Old advise Vs. New advise" Education is the key: Nasdaq stocks pays a low yield of but are safer than the big board.
I reached the stage where I had no mortgage, kids, had an excess of moneys to invest...
There was a broker on Christian Radio in his 70's. He had made his money, wanted to assist
others...I followed his advise, made a sufficient amount of money in 7-8 years, by purchasing Putman Group of various stocks.

Warning! Putman group of Senior Advisors changed, cheated investors, lot of court cases...Determining what corporate goals are and do they follow their propaganda is essential. If their sufficiently interested in their investors this year, that does not mean they will remain so.
Information and how to obtain it, is time consuming and difficult, but you must obtain it.

There are a limited number of large corporations wherein you can buy stock directly from the corporation without a broker:
Coca Cola was one, cannot remember the others.
Click to expand...
 
mathjak107 said:
The real return back then from banks with inflation as high as it was left you with a bigger loss then the rates today with low inflation...it is real return after inflation is accounted for that matters .
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Yes. But inflation is not equal to all of us. Depends on how much of a consumer one is.
 
retiredtraveler said:
Yes. But inflation is not equal to all of us. Depends on how much of a consumer one is.
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Everything gets tied in one way or another ...Medicare ,rent , real estate taxes and every expense you can think of increases like when we had those inflationary 1970’s and early 80’s ...this was not like low inflationary pressures where only some things were effected
 
I like a local bank branch where I have immediate access to my money. Sometimes they make you jump through so many hoops to get money out of an investment account and charge a penalty if a withdrawl is made.
 
debodun said:
I like a local bank branch where I have immediate access to my money. Sometimes they make you jump through so many hoops to get money out of an investment account and charge a penalty if a withdrawl is made.
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Most of us click a button at fidelity or vanguard or any other major brokerage and our money moves in one day ... personally I think you seem inexperienced at investing just from saying this because we all do electronic fund transfers all the time.. there is never a fee from any major house nor hoops as you call them , click and done
 
debodun said:
GUILTY!
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Exactly .... what happens is those who are anti investing actually start to believe their own bullshit as it is called ....so they have all these reasons in their head , true or not as to substantiating what they believe ....usually what they believe though comes from other misinformed people... the end result is they do pretty poorly with their money as far as it working for them .
 
debodun said:
I called the bank and was informed that their interest rate went from 0.05% in July to 0.01% in September.
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Checking accounts pay next to nothing as you are experiencing. Don't look for any change their. Wells Fargo pays next to nothing for savings and CDs as well. Are you earning interest on other (savings) accounts?
 
I deal with Fidelity and T.D. Ameritrade. I can bounce money from one account to another in minutes, write checks (who does that anymore?) and even have money deposited into my local bank account in minutes. I used to have to get a check delivered overnight, but in today’s world, I just move money from Fidelity or Ameritrade to my local bank account in minutes. All at no charge.

Or, I can use my Fidelity or Ameritrade debit (check cashing) card for even quicker cash.
 
Got a not today from Citi that my savings went down to 2.05%. No notices from the other banks...…….yet.
 


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