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0 pointsjoezydeco6d ago0 comments

The point is that it's more efficient for Americans to pay down debt right now instead of parking it in a savings account that is losing money to inflation. So you can't blame them for only having 11% of their assets in a zero-percent account.

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kasey_junk6d ago

And the response was pointing out that using your checking account rate is a bad example because checking accounts are explicitly not for savings and the article wasn’t talking specifically about checking accounts.

It’s easy to get savings account rates above the inflation rate right now and even well known national brands like capital one offer instant online accounts at 3.2% or higher.

joezydecoOP6d ago

No, I wasn't using Chase checking accounts, which pay zero. I was using an actual "savings account" I own which is listing right now at 0.01% monthly.

"Passbook" is the traditional term for these accounts.

kasey_junk1d ago

Passbook accounts are a specific kind of account known for having both lowered requirements (balances, credit of the account holder etc) and for subsequently lowered rates. They are for children and old people.

I admit to glossing over your use of the term but now that you’ve pointed it out it’s an even more egregious use of the wrong tool.

JumpCrisscross6d ago

Fair enough, savings accounts are an anachronisticity bordering on a scam. The proper products are money markets or Treasuries being bought into a brokerage account.

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