Interest Rates

Question: I was looking into opening a savings account recently and the best I can do is ~1% interest and to get that I have to pay to be like a premium member of the bank.

CDs get you about 3% max if you have 50,000 laying around and you don't need to see the money for 5 years.

Given that the yearly inflation rate is 3% or higher, what incentive is there to save money at all? Besides retiring, you'd be better off buying what you want as soon as you can afford it and keeping as little money in the bank as possible.

Am I thinking about this wrong?

This is what happens when people are given the power to create phantom money out of thin air; you destroy the purchasing power of everyone else.

You should look into bonds, you can get higher return rates depending on how much risk you're willing to accept.

inflation is 3%?  what country is that?  i dunno of any place in the western world with that rate right now...  although it could change in a year or so..

>>4
https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

the US

This is why I BUY GOLD.

>>6
I will give you CASH for your GOLD

>>7
Worthless fiat paper for my gold bar? Never.