The incredible shrinking savings account rate


A full page ad in today’s New York Times makes us wonder today whether it’s time for the advertising industry to figure out new ways to promote savings accounts in banks. “High yield” and .9% interest are not compatible, at least for a generation who grew from infancy to adulthood on a standard 5.5% regular passbook interest.

Last week, the Federal Reserve said it will keep interest rates low through 2014, meaning the average yield on a savings account — 0.1% — isn’t likely to change.

For what it’s worth, the New York Daily News has tips today on surviving in a low-interest world.