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Saturday Humor: "High-Yield Savings"
Frequent Zero Hedge contributor Mike Krieger sent this in: "Just got this in the mail. No, it's not meant to be a joke." Which is why it is unclear if one should laugh or cry at this fantastic offer for a "High-Yield" savings account...
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FDIC insurance on a fractional reserve bank account... I wonder if they could even cover 5% of the accounts when the banks fail?
Not much incentive to save money in a bank these days.
No, they can't cover the 5%. FDIC can probably cover only 0.85%, or less, without increasing the printing process 20-fold.
I could write a book just based on that picture alone.
and the problem of doubling your money in 84.7 years is what...
I hate to say it, but i have an online savings account at that rate and I love it.. i park my emergency what if the heater or roof blows in there and i can transfer money into my credit union checking account in a matter of a few days. I earn a little bit of interest, , and yes i have Pm and yes i have emergency cash in the Fire safe, and bullets for that matter, never know when you might need cash and bullets at the same time
I have owned a fair amount of NYSE:KSM for over 10 years now. It's a highly diversified muni bond fund -- DWS Strategic Municipal Income Trust. It pays 7%+ in monthly distributions with the kicker of being federal income tax free. Don't give the TBTF banks a dime of your $$, they are fleecing the public.
https://www.dws-investments.com/EN/docs/fund-literature/fund-report/SMIT...
KSM is a hold that pays dividends and accumulated shares from dividends can be cashed from time to time while you maintain a core amount of shares.
KSM has an expense ratio of 1.64%. and it trades moderately above the NAV price. Do these factors cause anyone concern (honest question)?
"Truth in adversiting"
Beats the .10% that many "savings" accounts currently pay.
85% increase in monthly health premiums and .85% APY on savings. What could possibly be the problem.
/s
I am suprised that the account can be opened in "just minutes. I expected that as soon as I put my hand on the money in my pocket..... it would go POOF, and be gone.
don't be redickerous, that can't possibly happen!
http://youtu.be/4TlPo0yCSa4
"not if you save in REAL MONEY and store it outside of their debt based currency paradigm...."
Exactly. Take the fiat and buy stored wealth.
Negative real interest rate.
The Fed keeps buying US treasuries with printed money.
Notice the increase in vacant storefronts? Commercial real estate going to feel the pain at some point.
0.85% = LOL
FDIC insured = Mahahahaha!
Wow, so if I put in $1k, in a year I get $8.50!!! That's like 2 tall Starfucks...
after a year that 1K is more like $850 in purchasing power
Adjusted for inflation you get fuck all lol.
Cash in the bank is a complete waste of time and money.
This savings account still pays more than most 5-year CDs.
things are bad enough without you posting pure bullshit
"For the fourth week, the average one-year CD yield was 0.23 percent. The five-year yield was 0.79 percent for the second straight week."
(http://www.bankrate.com/finance/cd/rate-roundup.aspx)
So, who's posting pure bullshit?
What do you want, 5%?
Why should anyone get any interest anyway if there is no growth?
At least it pays more than holding gold...
WTF are you talking about? AMEX just reported 100% YoY profit increase Wednesday.
"New York-based American Express's fourth-quarter profit surged to $1.31 billion or $1.21 per share from $630 million or $0.56 per share last year."
0.85% apr!!!!!
Yeeehaaaa!!!!
Yet - go ahead, call me a cynic - I can't help thinkin':
If A Deal Sounds Too Good To Be True, It Probably Is :(
Genocide against savers by that bearded fuck.
don't ask me how i really feel.
I have a tax free savings account. A program set up by the government to "encourage" saving and not having to pay tax on the interest gained. It's 1%-1.3% depending on what bank you go to. Usually the credit unions offer tjhe 1.3%
Could be worse.........................that ad could have read " -0.85% apy interest."
These are "High Yield Savings Accounts" are for the Little People.
The best "safes" (HA!) are PVC pipes, fitted, stuffed and buried.
If worried, provide a description to heirs in language they would understand (the broken tree at dad's second favorite fishing hole).
Using bank boxes is for fools as the smart know only fools use banks. Any place on earth your stuff exists and the government knows about it will be taken.