6 Cents
I got my monthly bank statement this past Saturday. Like most everybody does I checked it carefully to make sure that everything was fine and it was until I checked how much interest my savings account earned during the month of June and all I saw was 6 cents, yep. My annual Percentage Yield earned was 0.20% and the grand total interest I have been paid this year comes out to 39 cents. I started with $400 in that account but somehow I have $384.21 now, bank fees I assume. The way I see it my poor money is working as hard as it can for me but that bank is holding it back with a measly rate as expected from a bank of course. And just to add insult to injury I get a monthly service charge of $8.50 deducted from my standard checking account because my “balance was below the minimum balance of $1,000 or the average combined balance of $5,000″. I have thought about closing my account and moving the money to a CD, or close both of my accounts and move to a different bank altogether but then again that all depends on how angry I am to do it. I think complacent is the word that applies to me in this case. Pretty sad if you ask me.