Is this really true? As in, are savings accounts in the US essentially useless n... | Hacker News

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SCdF on May 18, 2012 | parent | context | favorite | on: All the oxygen trapped in a bubble

Is this really true? As in, are savings accounts in the US essentially useless now?

I don't know about the rest of the world, but in NZ standard saving accounts are ~2%, and more investment focused (fixed term and variants) are 4-6%.

jmitcheson on May 18, 2012 | [–]

I assume that the parent poster meant that granny is having the real value of her cash savings eroded through inflation because of the zero percent interest rate @ the US fed

cageface on May 18, 2012 | [–]

It's better than stuffing the money in a mattress, but not much more. Typical savings account interest rates are < 1%.

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