If you are someone who relies on interest income, 2009 has been a rough year for you. A quick search for the highest CD and money market interest rates shows that they are the lowest they have been in years. This means that earning money passively with the money you already have has not worked well.
In this tough economic environment, it is difficult for us on many levels. Not only are jobs hard to come by but also inflation is rising and interest rates have remained low. It is hard to make ends meet and if you do have money to invest, it is difficult to figure out where you best options are.
Looking for the highest interest rates in your town or city will probably not lead you to the best in the country. For that you have to use the Internet to find banks and institutions that are having promotions and thereby giving the highest rates. Fortunately, you can send money to many banks you will find online and that gives you the ability to find the better rates than you will find locally.
With the stock market having performed so poorly for the last couple of years, people have wanted their money in cash and very safe investments. Traditionally these 'safe' investments pay lower interest than more risky ones but never as low as they have been this year. It is hard to make anything worthwhile with rates this low.
Most people don't care about the best money market rates because they have no money. If you don't have any money to invest, you won't care about any kind of interest rates or whether the stock market goes up or down. It is too bad that so many people are in this situation. They have never saved and were counting on the government to pay for their retirement. Now the economy is bad, people are in debt, and jobs are being lost. The last thing people care about is what interest rates are because they have no money. Hopefully, the country will learn a big lesson from this economic hardship and learn that you must always save for a rainy day.
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