Quick question about savings - GoFuckYourself.com

incredibleworkethic · 12-31-2013, 06:22 AM

When do savings accounts rates increase (canada for example)?

Are the low savings account rates (compared to the last 5-10 years) tied together similarly due to the low mortgage rates we're experiencing?

In Canada, we're thinking rates are going to increase for mortgages in 2014/2015, if so, will savings accounts returns go higher?

Sorry if this is a stupid question I couldn't find out the answer on my own.

suesheboy · 12-31-2013, 06:57 AM

It will go up, (so will credit card rates) but savings is not a way to beat inflation.

You do better to keep buying small blocks of index funds tied to the S&P and in the long run you will beat by far the inflation rate and any interest a bank will pay you.

L-Pink · 12-31-2013, 07:03 AM

The Fed's made cash worthless as an investment in the US with their low discount rates to banks.

incredibleworkethic · 12-31-2013, 07:05 AM

I want to know the safest way to grow $100k-$1mil into ???? in the next 20 years. I was thinking Candian GIC 5 year @ 3% but I'm open minded to other ideas.

12-31-2013, 06:22 AM	#1
incredibleworkethic Confirmed User Industry Role: Join Date: Sep 2009 Posts: 2,302	Quick question about savings When do savings accounts rates increase (canada for example)? Are the low savings account rates (compared to the last 5-10 years) tied together similarly due to the low mortgage rates we're experiencing? In Canada, we're thinking rates are going to increase for mortgages in 2014/2015, if so, will savings accounts returns go higher? Sorry if this is a stupid question I couldn't find out the answer on my own.

12-31-2013, 06:57 AM	#2
suesheboy Confirmed User Industry Role: Join Date: Nov 2002 Location: FL - TN/NC Posts: 5,211	It will go up, (so will credit card rates) but savings is not a way to beat inflation. You do better to keep buying small blocks of index funds tied to the S&P and in the long run you will beat by far the inflation rate and any interest a bank will pay you. __________________ Adult Web Site Domain Names For Sale Adult Sex Toy Domain Names For Sale Tantric Delights, Sex Toys Blog, Tantric Sex Toys

12-31-2013, 07:03 AM	#3
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	The Fed's made cash worthless as an investment in the US with their low discount rates to banks.

12-31-2013, 07:05 AM	#4
incredibleworkethic Confirmed User Industry Role: Join Date: Sep 2009 Posts: 2,302	I want to know the safest way to grow $100k-$1mil into ???? in the next 20 years. I was thinking Candian GIC 5 year @ 3% but I'm open minded to other ideas.