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Your Money Will Still Earn Peanuts After a Fed Rate Increase
The biggest U.S. banks pay as little as 0.01 percent per year to their savings account customers. At that rate, through the magic of compound interest, their deposits will double in, oh, 7,000 years. In a statement today, the Federal Reserve omitted a pledge to keep rates near zero for a "considerable time" and instead vowed to "be patient" on any rate increases. This suggests it's getting ready to raise interest rates in 2015. That raises hopes that savers will start earning real money on their deposits next year. Unfortunately for diligent savers, higher rates set by Fed Chair Janet Yellen won’t ... (full story)
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