Bank interest on savings - what a joke Joyce

Unless a person has like $10k or more in savings bank interest is basically a sick joke since Covid and banks reduced interest on savings to basically nothing.

How is it where you are?

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SomeMichGuy · M

It was because the Federal Funds rate was so low.

mksworld · 46-50, C

@SomeMichGuy Here in Oz in mid 2020 the 'official cash rate' was slashed to 0.01 percent - the closest it could go before banks would start charging 'negative interest' (ie making depositors pay the bank to keep their money). It rose to 3.85 percent in late 2023 and stayed there until the start of this year.

SomeMichGuy · M

@mksworld I have to ask: did the Wizard set it before leaving?

mksworld · 46-50, C

@SomeMichGuy Who's the 'wizard' of whom you speak? The official cash rate and regulation of inflation is done by the Reserve Bank which like the Federal Reserve in the US operates without the influence of government.

SomeMichGuy · M

@mksworld Ah, you are unfamiliar with the origin of "Elphaba"...