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Safe David comes at a price interest rates are -- that many banks keep raising fees and adding new ones.
Bringing us to one of the lowest bank savings rates we've ever seen well and we've seen -- nearly decade with McDonnell.
Has more on the story out basically paying your bank just to keep your money thing.
Especially at paying the -- the park your cash let's go through the numbers here they're pretty stunning gang.
Take a look at what we're looking at here fox that that the average interest on bank -- fell to less than 1% zero point 99%.
That's a fourth of what it wasn't -- were both -- Banks are paying 74% less and deposit -- -- -- annualized basis also.
Look at this number commercial savings bank they're fitting an estimated seventy and I have billion dollars in annual deposit interest -- that includes savings accounts.
Money market accounts and checking -- look at the nose bleed microscopically and low actions and those they might have gotten low.
Interest on that accounts at banks Bank of America zero point 01% to zero point 85% on and on -- Wells Fargo.
In the same sense that -- arranged their JPMorgan Chase as well so you know when you consider inflation when you consider ATM -- When you consider that bank fees for that in the -- -- a positive that they dropped below a certain account balance amount.
You know that -- really it makes no sense to be putting your money in -- bank with going on instead it.
Money funds are ramping up trying to -- away.
These depositors also online banking accounts as well so we're seeing you know dollar savings dot com one point 2% they're offering there.
But I had to be careful at.
Just need to make sure that they are FDI -- -- -- -- the insurance that's that big.
Question mark over some of these accounts get excited about 1% interest is like yes one point 2% minutes it's a tough time to receiver -- -- -- It is and it's actually.
What this kind of the story at the last couple years of people who were responsible with their money really got.
Job the calls that day and basically foot and help foot the bill for the bailout of the banks -- a little responsible and didn't take out a lot of data the ones who paid the price for all.
Yet another side of that story with better served keeping rates very very low levels that the banks can.
Who ride around the coast that yield curve to profitability taking your money -- at lower rates and -- about it.
Nominally higher rate right before 5% if they can get them mortgages or other let me think about and that's a.
Whole environment that leads to potentially dangerous behavior right reads this or is all the time but the search for yield they go to some far flung places you've never heard of and you're looking to get a high yield return on.
11% on -- that Michael bus tomorrow.
And and that puts people it makes people.
Make decisions they might -- or -- ordinarily make because they're getting 1% of the getting your point something percent.
-- headline -- I just put my you know money in a coffee can't I mean that's come.
When you look through what people are dealing with and so you I mean yeah I -- -- been and we yeah are you confident Billy Bob -- -- steal it.
I am yeah a cousin Billy well now -- she does -- I mean.
That's what it.
Yeah I think that's like an Internet and it's asking me if I'm Irish -- it's an air started to sound like dating -- can hear it.
I'll start with electing him again after five seconds repair but what I'll talk about -- and high yield bonds and buying and buying -- bonds -- real -- real right.
-- how are getting -- was it always delighted.
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