In the spirit of tax time, I decided to check on my interest earnings from all of my accounts. I have 3 interest bearing savings accounts for different purposes. The account that I logged into first was my savings account at my “big” bank. This savings account is to save up for car parts for my Jeep Wrangler restore. I only purchase parts when I have the money in this particular savings account. I automatically send money into this account via electronics draft once a month, so it always gets funded. I am not going to disclose how much money was in the account, but it was less than $1,000. I mean, I am saving for car , not a car!
As I navigated to my interest earnings section, I was greeted by one of the worst interest rates I have ever seen.
Yep, that is correct. My big bank was giving me a WHOPPING 0.050% annual percentage yield. I mean, what the hell? They get to provide me with some insignificant rate, while then go out and loan this money to someone for 9% APY. What a business model!
I don’t normally get upset, but I am getting screwed. This is half of the national average, which is already way too low to begin with. I only put money in the account to keep better track of it, but I didn’t expect to receive nothing for it. Ridiculous, just ridiculous.
I might move some of my money to Ally. Anyone have any experience with them?
What kind of interest rate are you getting on your savings account?