September 29, 2020
If you are looking for somewhere to invest your hard-earned dollars, a basic, federally-insured savings account should be the last place to consider. According to the FDIC, the average rate paid by banks on such accounts is 0.05 percent.
I frequently say that I went to law school so that I wouldn’t have to do math, but even I can figure this one out. If you deposited $5,000 in an account that paid 0.05 percent interest per year, at the end of the year, you would have earned all of $2.50.
The Preakness Stakes is this weekend. Just sayin’.