Are Savings Rates headed to ZERO?

Could interest rates for savings accounts possibly be headed for zero percent? Flagstar seems to think so! As I was updating the Savings Rate Wiki this morning, I couldn’t help but gawk at Flagstar’s astonishing new rate:

Zero percent at Flagstar

Zero percent at Flagstar

Zero percent! Wow! Sign me up! I have thousands of dollars in my mattress that I want to give them immediately.

On the other hand, if savings rates were at 0%, you wouldn’t have to worry about declaring interest on your income taxes. Hmmm….

Alas, the rock-bottom rate seems to have been a fluke, at least for now. The rate is back up to 2.65%. Was it just an error, or could it have been a prophecy? I suppose we will all find out soon.

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