As a kid, I thought banks were diligent guardians of our personal savings. Today I’m convinced we should all fire our banks.
As you’ll see in the chart below, since 2000 savings deposits have jumped substantially.
Savers now have close to $8 trillion “invested” in savings accounts, yet they’re losing money every day.
When savings accounts paid 4% interest, that $8 trillion would have given savers $320 billion in interest. But with today’s rate of 0.05% or less, they’re earning just $4 billion.
How is this possible? In short, banks are siphoning off the profits from your savings. In the April edition of Money Forever Portfolio and its accompanying special report, Bank of Me, we show you how to put that to a stop.