I think it was about 1 year ago that I opened my current online savings account. At the time the interest rate was 1.25%. Recently it has dropped to 0.85%. It's killing me!
Prior to opening the current online savings account- I had one with capital one that paid only 0.75%. These low interest rates are insane. The interest rate at the brick and mortar banks, as you know, is even worse at 0.01%.
For several years now it has been reported that the economy is improving. I don't know anything about economics, but I can state with certainty that it's not improving for savers. I have a friend that is in his 60s and is now spending down his retirement savings. He reported that initially anything he took out was easily replaced by the next year, now the growth is falling short.
Any ideas on how to make your meager savings grow in a bad economy?