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.
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started several blogs, and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories.