Weekly Wrap: Losing Interest


Updated on Mon Jul 21, 2014

Earlier this week the Federal Reserve made it clear — again — that savers are not its priority. The Central Bank had little of encouragement to say about the low interest rates that have turned CDs and savings accounts into exercises in futility.

What the Fed did say was that it didn’t intend to increase rates until employment levels rise to 6.5 percent. But at MyBankTracker we tend to see the silver lining in the clouds, and this was no exception. The good news for the frugal in the Fed’s statement is that consumers may be able to time their return to savings products with a better degree of accuracy.

But what’s bad for savers is often good for borrowers.

This week we published two pieces on some sensible ways to take on debt. First we urged you to consider all your options when shopping for a loan. Second we suggested you take a look at the personal lines of credit available at your bank.

Speaking of borrowing, we ran a piece this week on the history of the credit cards.

And although it’s a new industry, we also wrote a sort of history of cash-loading cards — those new-fangled pieces of plastic that make it easier for you to turn real money into bits and bites you can use on retailers’ websites.

Speaking of new-fangled, those peer-to-peer payment systems are apparently pretty cool, according to our own Simon Zhen.

Banks were all about new things this week too.

Regions announced it was rolling out two new checking accounts.

Meanwhile, Intuit said it might soon bring its personal-finance-management tool Mint to a bank website near you. … which would be really good news because it would make it much easier to watch the balances on our savings accounts as they grow by the tiny, insignificant amounts that the Fed has dictated.


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