Most Savings Accounts Paying Next To Nothing
Kathleen Pender writes for the San Francisco Chronicle about how most bank savings accounts, including her daughter's at Wells Fargo, are paying out very low rates of interest and she urges examining several better alternatives.
Banks have been able to keep their rates low because there are plenty of people like me who've been asleep at the switch. Hoping to cash in on the same crowd, many brokerage firms have also opened banks and are now sweeping customer cash into low-rate savings accounts instead of higher-yielding money market funds. Fortunately, it's not hard to find higher yields.
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