Tuesday, July 11, 2006

Ok, I was off by .10%

I'm fond of mocking the interest rate (APY, really) on my bank account, which I joked was around .25%. For some reason, Wachovia doesn't post the interest rates of their bank accounts on their websites.

Turns out, I was wrong. Based on the statement I go ttoday, the APY of my savings account is more like .35%. Oh, joy.

If I'm using the rule of 72 correctly, that means it'll take something like 200 years to double the amount in my savings account. Remind me too look into investment options that can actually come close to beating inflation.

(Yes, I know savings accounts are for saving, not investing. But that still doesn't mean I can' t mock it.)

1 Comments:

At 7/11/2006 5:15 PM, Blogger Roshan said...

ha, that's great. I'm not sure what I get with BofA, it would be interesting to find out...

 

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