by Thomas M. Riddle, CPA, CFP^®, Founder & Chairman of the Board
Many banks are taking advantage of savers by paying VERY LOW INTEREST RATES on bank savings accounts. A review of Bank of America and Wells Fargo Bank indicates both are paying .03% on bank savings accounts – this equates to $13.50 of annual interest on a balance of $45,000. Meanwhile, a number of U.S. Government only money funds are earning above 1.3% which yields $585 per year. And, a one-year maturity U.S. Treasury Bill yields more than 2.25% which generates $1,012.50 of interest per year. It pays to keep an eye on the interest rate being earned on your idle cash and emergency funds. Contact our office for details.