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! 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.