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elbanditoroso's avatar

Does anyone use savings accounts any more?

Asked by elbanditoroso (22230points) August 5th, 2014

I was looking at some advertising from a nearby bank – they are pushing a joint checking/savings account where the savings interest rate is a whopping .05% (sarcasm).

In this world, we now have money market accounts (same bank) that pay .45%, and various internet based banks (Ally, for example) that are paying .90 or .95% on savings.

(Not to say that .95 is particularly good, but it’s 19 times better than the nearby bank’s savings account)

Does anyone still have plain old savings accounts? How would they justify it?

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