It’s the end of interest, that is for sure.
I remember when I was a kid and my dad helped me sign up for my first checking account. After doing my favorite thing ever, looking for a job, and going through dozens of job applications, I finally got my dream job of flattening dough at Little Caesar’s Pizza. Not only did I get to flatten dough, but I got to earn some. I recall getting the minimum wage, which I think was like $2.15 an hour. And now people are complaining about needing $15 an hour as minimum in Seattle.
Anyways, my dad told me that I needed to start saving some of that stuff. So he co-signed or whatever and I put my 5 hours of work into the checking account ($10) and I was off to the races. I remember thinking that I was going to start saving up for a Black Hills Gold ring, because I was from South Dakota and they were made there in the state.
I remember my dad telling me to leave my money in the bank because it could gain interest. What was interest? Well, that bank adds a little percentage of the money in the bank to your account. I was like okay, cool. How much? Well, for a checking account you get like 3% and for a savings like 4%. Awesome. For a dude that had so little in his account seemed like a lot.
I haven’t handled the finances for some time now. In my late 20’s I was busy using my overdraft protection and barely holding on for dear life. Then I got married and my wife saw how terrible I was a recording things and remember to pay bills, etc, so she took over.
We had our home free and clear in Seattle and we sold it to move here. So we had 6 figures in the bank. I was pretty excited about that because of all the interest we would be getting to keep it there. Then I asked my wife how much interest we were getting. Surely it would be way high because of the money right? 5%? 6%? Nope.
This is how small interest is now.
Try .05%. What happened? Was I just delusional when I was a kid? Was I just imagining that we got that much? Or did I just hear wrong that banks aren’t offering interest anymore? Or are banks just not interested in us at all? They don’t care if we put money in their bank or not?
I might as well get this all in cash and hide it under my mattress.
Seriously, I just need a safe.
ARRRRRRGGGGHHHH
Bitter Money Hungry Ben
Ben's Bitter Blog 
I actually get a little excited seeing the penny added to my savings account every month. It is less work than when I see a penny on the street and bend over to pick it up. Of course, the latter burns calories, so there’s that.
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I think I will just go to a gas station and borrow some of theirs from their “Leave a penny, take a penny” dish.
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I believe they frown upon that.
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Frowning has never stopped anyone from doing anything though. I frown at my wife when she spends money, but she still does.
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There have been cases where a particularly dirty look has gotten results.
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Yeah, my wife’s looks can kill. Just ask all the dead people she stared to death.
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A woman after my own heart.
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Yeah, I think she would get along with many of my followers, better than me.
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But we love you, too.
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I think most of these people follow me so they can get to know her better and get to know me bitter.
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That being the case, perhaps she should write a weekly guest post. Actually, I follow you because you are funny, and I appreciate a little bitterness in my life. So many of my friend are so inclined to strive for a positive attitude.
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I don’t know how your friends can maintain that positive attitude. It is so much work. Just let the bitterness flow. It is so much easier.
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A safe!
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A safe is where I should put all my money. And if I need some interest on it, I will just go down to 7-11 and borrow some pennies from the jar.
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Don’t worry about they keep to themselves. They’ll spend it wisely on stuff like desks with pens chained to them.
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Thank goodness for those really strong chains. I’ve never seen one just sitting on the table without its chain.
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And I’ve never seen a table get stolen when one of those pens has been there securing it.
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Yep, that’s pretty much how it works! Those two cents a year just doesn’t add up to much!
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They only add up to two cents worth, which is how much my dad is always giving me. His two cents worth.
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When I think money, t’s all ATM cards and automatic transfers. I haven’t held “cash” but once or twice, in years. Banks just hold your paycheck until the bill collectors line up. After working 40y, FINALLY having more money than month left. Because my wife does the bills now….
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My wife has always done the bills, which is bot why we still have money and why we are always almost broke.
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Interest fizzled during the last biggest recession and hasn’t made a comeback. Do you remember when banks used to give away toasters and calendars to draw investors? Now they won’t even give you a free cup of coffee. J.
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Yeah, I remember at one time getting a free Ipod. Too bad it was one of those junky ones that barely held 10 songs. Now if they offered a video game console, I would give them all my money.
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Ah, yes, interest Back When… interest rates were much higher. But, alas, for a while so was inflation and the net effect was… the inflation ate the interest. And now, both are lower, but the interest is so low that any inflation (and it is higher than reported – kinda like the unemployment rate… which line and what is summed are carefully chosen to give a more desirable answer Oh, food and fuel are too volatile? Gee, and after housing, where does most money seem to go? Oh, look, food and fuel.) eats it. Mattress, safe, whatever at least assures, hopefully, the return OF you money. And if thing go all wobbly, well, cash still works when cash machines don’t.
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Sounds like you work in finance or something. I’m just a dude that noticed that interest rates are like .0005% and that just isn’t cool with me.
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AGREED like five thousand percent!
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If only 5000% interest is what we got. How cool would that be?
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Yeah, you get just a tiny smidgen of interest, well below the inflation rate. But if you let your balance fall below their established minimum, they’ll wallop you over the head with a huge service charge. Basically, you’re paying them to keep your money.
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Yeah, I think they are just depending on the fact that we are so used to storing money in the bank, that we will just keep doing it. Maybe it is time invest in Fool’s gold or something.
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It’s laughable. I think the banks are getting a good chuckle from this. What I did wss sock everything in mutual and go down with the Great Recession of 2009. So bitter.
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I heard mutual funds were good, but now you are telling me bad? Uggh. I guess I will just have to depend on the old money under the mattress technique.
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Theres a Wall safe in the closet . It was here when I moved in but I don’t know the combination to open it. I’m a little afraid to open it. Don’t tell anyone about this.
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I won’t tell anyone but my 10,000 followers. And their families. and their friends.
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rats
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Yeah, it won’t get anywhere.
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Tell folks Geraldo is interested in it.. and anyone old enough ought to lose interest (!) then and there.
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That’s a great idea. Then there will be nothing in the safe and it can be transferred to my safe.
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Good plan. 🙂
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