Given the harsh realities of the stock market the last decade in which there was practically no positive return, it is hardly a surprise that people are looking for safe places to put their money. Unfortunately, the latest savings account rates are so low that one almost has to ask whether it’s just safer to stick money into the mattress in your bedroom.
The latest savings account rates are simply laughable. The average CD investment is now hovering around the 1% range. Think about that. If you agree to lock up your money for six months, they’re going to pay you a whopping 1% on your investment. This means if you lock up $10,000, they will pay you a gain of only $100. Who in their right mind is going to do that? One can only hope that rates will improve in the future. The problem is that the Federal Reserve Bank is clearly determined to keep them low. Unless things change dramatically, the latest savings account rates are going to remain the same for the foreseeable future.