Banks no longer posting deposit rates?

[Tractor Seabee]

Remember, if the government wasn't manipulating the currency market; at the rate they are borrowing you should be paying 15% or more interest on your loans, savings would be paying the same, and inflation would be rampant. Stand by, if the chineese want to take over all they have do is start increasing the interest rate they will accept, US has no other source of such piles of cash. Remeber the Carter administration years when money rates floated with the free economy and rates were in the 20s. I had a bunch of caqsh at that time and made out like a bandit as I had no high interest loans.
Ron

 

[ultrarunner]

I just opened up a checking and savings account with my son. We got the same rate - .04%. I told him about the rule of 72, and estimated it for him in my head. One percent doubles every 72 years, 1/10 in 720 years, half of that in 1440 years. So the $100 we put would double by the year 3451!

Amen... at least someone else has this figured.

When I mention things like this people look at me like I talking crazy talk... I bet many never question their bank fees and rates... I know a few that have never balanced their checkbooks... they always say they put enough in to cover and use over draft if they are short before payday...

 

[ultrarunner]

Remember, if the government wasn't manipulating the currency market; at the rate they are borrowing you should be paying 15% or more interest on your loans, savings would be paying the same, and inflation would be rampant. Stand by, if the chineese want to take over all they have do is start increasing the interest rate they will accept, US has no other source of such piles of cash. Remeber the Carter administration years when money rates floated with the free economy and rates were in the 20s. I had a bunch of caqsh at that time and made out like a bandit as I had no high interest loans.
Ron

Yes, I do and had a friend with a 17% condo loan!

My goal was to scrape together the 10k required to open a T-Bill... it paid 13.75%

So many said we would never again see mortgage interest rates in the 5 and 6% range...

If I was cynical... and maybe I am... just think of all those serial refinancers that would pay all the fees every two years as rates went down... a good way to milk the masses...

PS... With rates near zero... why are some card still charging over 21% or some even close to 30%?

 

[Tractor Seabee]

Thats the banks getting money from the Gov at almost 0% and rapeing you. Sears credit charges 29.5 % to everybody regardless of who and it is not negotiable. They could sell all their products on credit at cost and make more than on those on of us paying cash and only buying their stuff on sale. Most CCs are around 9% and the rate only jumps if you are consistently late. That 9% is only for those with stellar credit and not further negotible. The lowest card I have is at 8% with USAA, they were at 5% until a year ago and the arbitraily raised to the new rate. Still way big margin over what they pay for their money (depositers). We are in the wrong business.

Ron

 

[ultrarunner]

Yep... Sears was my first card... got it at age 18 and would buy my work clothes, tools and appliances there.

Had it for many years... a couple of years ago... they sent me my new card and I put it in the drawer for maybe 3 months.

They had a sale on some truck tires so I called the number on the card to activate and was good to go.

Went the next day to the store and handed the clerk my card and he said it was denied???

Went to a store phone to find out what was going on... finally got someone at the credit card division and they told my account had been closed for non-activity and then I said that is not what I was told last night when I activated it...

She told me they use a third party to activate cards and my account was indeed closed... she said I should apply to open a new account...

My response was so Sears can close it when I'm at the register with a $400 purchase and this after having an account for 32 years...

I can see why Sears is having trouble... when they push away customers.

My Sears shopping was greatly curtailed when they closed the catalog division...


Right now the best no strings checking account I can find pays about 0.7% or about 20 times better then my soon to be old bank... it is with a credit union.

 

[caver]

I made the mistake last weekend of pulling up to the window lane vs the vacuum tube lanes that were empty. I think I sat there 15-20 minutes. They had one employee working as the lobby is closed on Saturday. A minute or two later the other lanes fill up and a woman pulls right in behind me. The woman in front of me was dealing with a bank bag and whatever the transaction....it took forever including dealing with the other lanes. :mur::mur:

 

[foggy1111]

There are some good stocks out there that are paying dividends...I just bought a boatload of GORO that pays 4% and share price will appreciate as well.

Screw the banks...

I appreciate your buying a dividend paying stock in this crazy world....as the banks sure dont offer much. But.....buying GORO is not the same thing as a low-risk bank deposit IMO.

I am in the same predicament as many others.....where to park some money and try to keep up with inflation? But.....making a "deposit" in a volitile stock may not be the best solution for everyone.

Good luck on GORO....but I'm looking for more stabiltiy than they can offer. Maybe a utility stock as an alternative to a bank? :thumbsup:

 

[schoolsout]

I appreciate your buying a dividend paying stock in this crazy world....as the banks sure dont offer much. But.....buying GORO is not the same thing as a low-risk bank deposit IMO.

I am in the same predicament as many others.....where to park some money and try to keep up with inflation? But.....making a "deposit" in a volitile stock may not be the best solution for everyone.

Good luck on GORO....but I'm looking for more stabiltiy than they can offer. Maybe a utility stock as an alternative to a bank? :thumbsup:

It's not the safest, for sure, as you recognize. From my readings, I think the big gold miners will become "utility-like" as gold is reintroduced into the monetary system.

Also, I just posted this in the Front Porch, but if you own stocks or are thinking about buying some, read this.

http://www.tractorbynet.com/forums/showthread.php?p=2666765#post2666765

 

[schoolsout]

Amen... at least someone else has this figured.

When I mention things like this people look at me like I talking crazy talk... I bet many never question their bank fees and rates... I know a few that have never balanced their checkbooks... they always say they put enough in to cover and use over draft if they are short before payday...

Meanwhile, gov't gives banks money for almost free and they take that and buy our debt that pays about 3% netting the spread...while you and I get to make up for that spread through more taxes/currency devaluation as that money has to come from somewhere.

 

[LWG]

Inflation is much higher than we are led to believe. They just changed the definition in order to make them look better. If we went back to the definition used in the 70's-80's, inflation would be 11% or so. Anyone who has been to the grocery store knows what's going on. Same thing with unemployment, which is really between 10 -16%.