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RedDeerGuy1's avatar

Is it normal to get $0.01 interest on $750 savings account?

Asked by RedDeerGuy1 (24351points) July 7th, 2021

Just wondering.

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10 Answers

JLeslie's avatar

Sounds normal. Interest rates are so flipping low. You could shop around for a higher rate somewhere.

elbanditoroso's avatar

Not surprising. Banks in the US are paying .01% (one one hundreth of a percent) on savings. Laughable.

kritiper's avatar

Yes. Gone are the days of 5% interest compounded quarterly.
You might get a better rate at a credit union.

RedDeerGuy1's avatar

@kritiper My local credit union with $5,000 in a high interest savings account that one can get $0.21 a month interest.

kritiper's avatar

The $5000 mark seems to be a threshold. Do you know what their high interest account is worth?? I have a savings account that is just under $5000. Perhaps I’ll add another $25 (to push it over) and see what happens.
$.21 is better but still not ⅓rd of 5%...

kneesox's avatar

I had a pretty good balance last year and was kind of shocked when the interest for the year amounted to $4. That’s ridiculous. So I didn’t owe any tax on it. Great way to reduce taxes for us ordinary folks: make our money not worth anything.

Kropotkin's avatar

Yes. Though I’m not sure why anyone feels entitled to a passive income from having a few digits in a bank computer.

Forever_Free's avatar

This is the norm in this day.
I miss the stadium blankets and glasses and watches they used to give away when you opened accounts and made large deposits.

JLeslie's avatar

@Kropotkin Because the bank is using the money to make money.

Strauss's avatar

I have a Fidelity IRA from a long time ago. For a long time I’d get annual statements in the amount of $5.90, $5.70, $6.00. When the economy tanked in the mid 2000’s the account lost value, sliding down to the $.78 range. I recently received my statement showing $.03.

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