Deposits at banks have reached record proportions due to fears of a second recession.
Unfortunately, many big banks don't want deposits, as the Los Angeles Times reported on September 17, in the story, "Bank deposits soar despite rock-bottom interest rates."
Among the subtle hints that banks prefer you keep your money anywhere but in their vaults, the story reported that Wells Fargo recently slashed the interest rate on their one-year CD to a mere 0.1 percent. Ouch.
Out of curiosity, I looked up some CD rates for Citibank, JPMorgan Chase and Bank of America in California. All offer more than twice the one-year CD rate that Wells Fargo is peddling. The 12-month CD rate at both JPMorgan Chase and Citibank is 0.25 percent. At Bank of America, a one-year CD is earning 0.35 percent.
So, my question for you is, can you beat 0.10 percent? What is the worst CD rate you've run across?
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