Best Savings Account Interest Rates
Best Savings Account Interest Rates are not what I consider great at all. So how do we get the Best Savings Account Interest Rates? Is there actually a way – for us to get an awesome interest rate today? And how about a double digit interest rate? I mean is that even possible today?
So I’m going to show you how I’m getting on average – 11% interest on my money right now – and how you can do the exact same thing. And no it’s not risky at all – so hang in here and let me explain how I do it.
Okay so first of all – savings account interest rates are at all time lows right now. In fact – it’s infuriating to see how low they are and – how it is to save money – because they are so low. It’s almost like the entire system is setting us up for a life of poverty.
But we can fight back!
So let’s look at what interest rates are right now. Below I’m going to show you what the interest rates are at the bank that I use. Now your bank may be a little better…..or maybe a little bit worse. But regardless of the bank – interest rates are too darned low right now to save any significant amount of money in today’s day and age.
Best Savings Account Interest Rates At My Bank……
Yeah…..I DON’T THINK SO!!!!!
So check this out – and please don’t throw up when you look at the interest rates – because I’ll show you how I am getting about 11%.
Okay – this image below is for a personal checking account and the interest rate that we can get is a big fat zero up to $999.99 of our deposited funds. LOL – a real bummer huh?
But if we’re not totally insulted at this point – we could put in over $1,000.00 and we will get a big fat 0.05%. And that’s all the way up to $9,999.99. Now in case you don’t understand decimal places in interest rates – that represents 5/100th’s of 1 percent. So it IS NOT 5 percent – it’s 5/100th’s of 1 percent. And in a minute I’ll show you how long it will take for you to double your money with this interest rate. And that will make you totally depressed.
But it’s okay – I’ll also show you how to be real happy – after I show you the bad news first.
Okay – so what about if we had a savings account instead of a checking account. Would we get a better interest rate then?
Well – on a savings account the interest is a little better – sort of. But look at how much money you need to get a whole whopping 0.07%. And remember – that’s really 7/100th’s of 1 percent! Now I don’t know how you feel about this. But for me – it get’s me incredibly angry! I mean how in the world can you save money?
And what will really make you sick – is how long it will take you to double your savings. But first – let me show you a couple more examples.
Okay finally – if we’re willing to tie up our money for at least 6 months – finally we get an interest rate that’s in the 10th’s column – instead of the 100th’s column. AND – if we’re willing to tie up our money for 4 years – we FINALLY break into a whopping 1% interest range. In this case – 1.04%.
Geesh! It just seems so crazy that it’s so hard to get a lousy 1% interest rate. And here’s another thing that get’s me angry about these low interest rates. Think about this…..we have to pay taxes on our interest income!!!
We can barely get 1% interest on our money – and then we have to pay income taxes on that money too? I mean how in the world can we save money – and save for our financial future and security – when the interest we get paid is so pathetic. And then – why not kick us while we’re down…..and charge us taxes on it to boot!
Well I want to show you how long it takes to double our money – but – when we think about savings and we think about doubling our money – we’re usually thinking about retirement. So let’s look at one more thing. Let’s look at what interest rate we can get with an IRA account. Because at least then – we can put off paying taxes for a while so our money as a chance to grow a little.
Best Savings Account Interest Rates For An IRA
Okay – enough is enough. This is frustrating seeing how little we get for tying up our money in a bank. I mean if we tie up our money for at least 4 years in an IRA CD – we can get a whopping 1.04% interest. And in this case – the taxes are deferred. Woo hoo!
Anyway – hopefully you’re not too depressed yet.
Well – let’s see how long it takes to double our money. I mean that’s the point right? We save – we earn interest – and our money grows.
Well there is a rule called “The Rule of 72.” Basically it’s a real simple way of calculating how long it will take our money to double – when our money is earning compounding interest. And that basically means – we earn interest on our money – and then we earn interest on our money plus the interest – and so on.
So we could just look at this simple formula but there’s a nifty little calculator that we can use instead. And when we use this calculator – all we have to do is type in the interest rate – and it will spit out how many years it takes to double our money. So check out this image of the little calculator – using 0.5% interest.
WHY 0.5%? LOL…..because that’s as low as it goes!!!!! But……LOOK AT HOW MANY YEAR’S IT TAKES!
It would take 138.98 YEARS to double your money based on a 0.5% interest rate. And we’re not talking about how long it would take you to double it – while paying taxes on your interest income each year for 138.98 years either. I mean – this is so incredibly crazy when you think about how much our bills are every month – and – how hard it is to put some money on the side for savings to begin with.
Then on top of that – we also have to think about inflation each year too.
In almost all cases – inflation is going up at a higher and faster rate – than what we can get paid in interest on our savings. In fact if we add up that inflation rates for the last 16 years and then average the result – we get an average of 2.2075% – PER YEAR!
Which is obviously higher than the interest rates that we have been looking at!
Are you depressed yet? LOL…..sorry…..but I know this hurts. I mean – even at today’s best interest rates – we’re still losing money by saving. And we don’t have to be rocket scientist to know that we have got to find a way to get a lot more interest on our money. And – preferably at least tax deferred – in order to build our financial future at a decent pace – in order to stay ahead of inflation.
Okay…..what if we took the highest interest rate from our examples? How long would it take with an IRA interest rate?
Wow – it’s still – 66.36 years to double our money. Now that sounds a little better – but what if you only had $1,000.00? So now what – 66.36 years later now you have $2,000.00? This is so crazy!!!!!
Okay – I think we’re getting the point here.
How I Get The Best Savings Account Interest Rates
Now if you remember at the beginning of this post – I mentioned that I’m getting on average – 11% on my money…..and…..I don’t pay taxes on it yearly either. So just for kicks and giggles – how many years would it take me to double my money if I maintain an 11% return on my money.
ARE YOU KIDDING ME? 6.64 years instead of 66.36 years? That’s a huge difference!
Okay – so how do I get the Best Savings Account Interest Rates by using a simple savings account? And when I say simple – I mean simple – and it’s also a free account too. In addition – I have mine set up with an auto save feature – so my savings come out of one account – and transfers to the savings account automatically every month. Just like any other good savings plan or retirement plan.
The Best Savings Account Interest Rates Are Golden
Check out this next image……
Now don’t get scared about Gold! It’s really, really affordable – so let me explain a few things about it. Okay first – look at the image. In the red box towards the left side – those are the rates of increase or decrease per year – in US Dollars. The other columns are in other currencies. And at the bottom you’ll see that the average of all the years listed – which averages out to be 11%.
But I already know one of your questions without you being able to speak to me in person right now. And that question would be – “hey – what about the year’s in 2013, 2014 and 2015?” Well here’s the thing about Gold. For over 5,000 years – it basically follows the cost of living. So when inflation goes up – and the cost of living goes up – well Gold typically goes up as well. Now in 2013, 2014 and 2015 – the inflation rates were 1.5%, .76% and .73% respectively.
So it’s not bad that those years went down a little – because the cost of everything was going down for all of us. And it’s actually a good thing for us – because we can get more Gold for our money – when the prices come down a little. And more is better!
But maybe what you really should be looking at is 2008. Remember when everyone was losing their shirts in the stock market – and perhaps – you might have lost half of your retirement savings too? Well – Gold still would given you 5.6% return on your money when everyone else was going crazy!!!!
And that’s just one little thing to think about. But – let’s look at a few other things about Gold.
Gold May Just Give The Best Savings Account Interest Rates
Another thing about Gold is that when the stock market goes crazy – or – when something bad happens in the world around us – many investors flee and go toward safety when it comes to investments. And Gold is one of the most popular investments when times get tough.
Also – Gold is actually “true money” and has been for over 5,000 years. Our US Dollars are actually a currency and not real money. In fact our US Dollars are only worth a fraction of what they should be worth. But heck – when you owe over 20 trillion dollars – what did you expect?
Then there’s the whole affordability thing. We think that only rich people can afford Gold – and that has almost always been the case. I mean right now – just 1 ounce of Gold is worth over $1,200.00. In fact today as I write this – it’s actually over $1,280.00 per ounce. So what average person can afford that?
However – we can now get Gold in small bars such as a 1 gram bar – and there are about 31 Grams in a Troy Ounce of Gold. So that’s so much more affordable right?
But wait – there’s more 🙂
We can now even get Gold bars in a 1/10th of a gram too! So Gold really truly is very affordable now – even for folks like us!
And now here’s probably the most important thing about Gold. When we invest in Gold – it’s actually tax deferred. Now how can I say that? Well the IRS considers Gold Bullion Bars a “Collectors Item” – which means we pay taxes on them when we sell them. (feel free to consult your tax person and double check for yourself)
So think about that!
We can start up a Gold savings account and what ever our gains are each year – we don’t have to pay taxes on those gains each year – unless we cash in those Gold Bars.
And I just love that like crazy!!!
Finally – I can save my money and – I can get a really great interest rate. In fact as long as the inflation rate and the cost of living goes up – it’s pretty reasonable that the price of Gold will go up as well.
And that one point about cost of living and the inflation rate – is where most people mess up with their retirement savings. They forget that the cost of living always keeps going up!
So – are you looking for the Best Savings Account Interest Rates? Well click the button below to watch a VIDEO and see how I got my free Gold savings account – and how I set it up to be an auto save account too. It’s free – there is no obligation – and – you can start it up or turn it off anytime you want. And I think it’s the coolest thing I ever did!!!!
P.S. - If you choose to open your own free Gold Savings Account - I will personally help you every step of the way if you need any help. Just let me know if you need help - or if you want to learn how to earn free Gold as well. And I'll be there for you to give you free personalized support!