These are, indeed, strange times. I’ve just discovered that my bank pays a higher rate on my current account (1%) than my savings account (0.5%).
Is a “current account” the same thing as a checking account? If so, yes, the conventional wisdom on interest rates is no longer conventional. My savings account is paying the same rate as almost all certificates of deposit that I can find (1.5%), so there’s no point in investing in CDs. I’m putting some money into mutual funds in the hope of making it work a bit harder.
I guess other people feel the same, as I’ve been reading that the public is starting to reinvest in the stock market.
Yes, current and checking are the same. My bank also pays different rates depending on whether you actually have a cheque book or not! I really don’t understand why they are paying higher rates on current/checking accounts. Does anyone have any idea?
Yes, I’ve been wandering back to the stock market.