Is a credit union savings account rate of 0.03% APY reasonable?

  1. PDXBuys profile image74
    PDXBuysposted 5 years ago

    Is a credit union savings account rate of 0.03% APY reasonable?

    Why is money worth so little when I deposit it, yet worth so much when I borrow?  One of my credit cards has an APR of over 16%!  That rate is over 500 times larger than the savings account rate offered.  Does anyone else feel outraged by this?

  2. LandmarkWealth profile image80
    LandmarkWealthposted 5 years ago

    Thank the Federal Reserve.  They have set short term rates at Zero.  Most investment firms have left the Money Market business as a result because there is no money to be made in this market anymore.  This is one of the unintended consequences of the Fed's Quantitative Easing programs.  They punish savers, particularly the elderly on a fixed income to prop up risk based assets artificially.

 
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