Well, congratulations. You’re in the majority.
Gallup is out with a new poll that suggests more Americans enjoy saving money than spending it, 60% to 37%.
What’s interesting about this poll is that we used to enjoy spending nearly as much as saving prior to the economic crash last decade.
“The impact of the 2008 recession is clearly visible in the trend line, with the gap between self-reported enjoyment of saving and enjoyment of spending increasing from the three- to nine-percentage-point range prior to 2009 to as large as 27 points in 2010 and 23 points this year,” according to Gallup.
So, as soon as the economy went south, so too did our appetite for spending money. And it hasn’t recovered. (This isn’t to say we don’t spend money; we just don’t enjoy doing so as much.)
The irony here is Americans awoke to the joy of saving just as the incentive for saving — generous interest rates — went away.
And those rates aren’t getting any better, I’m afraid.
The average CD rates in the six terms we track all tied record lows in our survey this week of banks throughout the country. And we’ve seen sliding rates among our top nationally available deals, as well.
This week, we added just one deal to our list of the highest CD rates from credit unions and local banks, but it’s a good one:
- City County Credit Union (www.citycountycu.org) in Florida offers 60-month CD rates that pay between 2.02% APY and 2.28% APY based on how much money you have on deposit and whether you have a loan through the credit union. Membership is open to anyone who lives or works in more than two dozen Florida counties, including Broward, Palm Beach and Miami-Dade.
While there were a number of rate cuts this week among the banks we track for the CD Rates Leaderboard, cuts at credit unions and local banks we’re following were fairly minimal.
Following rate cuts, we removed from our list deals from State Bank of Southern Utah, Melrose Cooperative Bank in Massachusetts, ACMG Federal Credit Union in New York and Health One Credit Union, with locations near Cleveland and Detroit.
You’ll find all the top-paying deals clearly marked on our highest CD rates page, showing where they are available, with a quick link back to the original post, which includes more information on the institution and its requirements.
We’ll update this page weekly, so you’ll always know what great deals are out there from credit unions and local banks.
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