How You Slowly Lose Money with Bank Accounts

December 8, 2010  |  

(Time) — Banks used to be good not just as holding pens for your money, but as places your money could grow slowly but surely. But considering the evil combo of rising fees and pathetic interest rates, the net result is a slow but sure loss of value even when there’s not much inflation. The main reasons for putting money in standard checking and savings accounts are convenience and security—basically because it’s safer than stuffing money in the mattress—but the tradeoff for an account with no risk is that you can be assured of a steady chipping away of your money’s value.

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