“The past 10 years have been very good for investors, but not so much for savers,” said Jeff Cox at CNBC. While the S&P 500 has surged more than 60 percent with the help of the Fed’s ultra-low interest rates, people putting away their money in savings accounts have lost $7.7 billion. “Bank are just not in a position where they need to pay up to bring in more deposits,” said Greg McBride, chief financial analyst at Bankrate.com. With Fed chief Janet Yellen saying global uncertainty justifies slower path of rate increases, it will be a long time before savers see any significant rewards. (cnbc.com)
How the Fed Cost $8 Billion for Savers
