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Letter To Editor In Newspaper Today Raises Hell Over Low Bank Savings Rates

me1004
  |     |   1,381 posts since 2010

I liked this one so much that I thought I would share it. From today's newspaper. You can see it here:

https://postimg.cc/SXYWCLmc

I know plenty of people here will fully agree with it, complaining about such low rates on savings accounts at most banks and credit unions even with the Fed rate now up to 5.5%.

No justification for that, and as the banks make record profits. They got too used to a 0% Fed rate, refuse to raise their liquid savings rates despite the much higher Fed rate. We all need to keep a serious amount of our money liquid, we should not be geting 0.10% on it – or less! It should be up near a 5%. The banks want your money for free or just about free, you should invest in them and get pretty much nothing, while they turn it around for lending rates and mortgage rates up around 7%, and credit card rates for 20% or more. It might not be illegal, but it sure is cheating.

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racecar
  |     |   628 posts since 2014
Especially when the banks lower their savings rates but not their lending rates.
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111
  |     |   672 posts since 2019
Last time I checked, there were no Federal, state or local laws mandating that US residents use any particular category of bank - including those that don't pay the consumer much interest. If there were such a law, or if we had the misfortune to live in a country where only that type of bank was permitted, this would be an important issue and I would be all flustered and anxious about it. But we don't, so I ain't.

A simple glance at the DA website uncovers a multitude of choices for liquid accounts, many paying over 5%. If people simply don't know their choices, who is to blame? The government? "Society"? The man in the moon? No. It's the man (or woman) in the mirror.
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