Photo courtesy of

Photo courtesy of

*You work too hard for your money to let banks get over at your expense! You didn’t know you were getting taken for a ride? Sure you are. Let me break it down for you.

You work very hard. You put your money in a bank account. The bank loans your money to people, businesses and not-for-profits. The bank’s best customers are charged prime rate. Today’s prime rate is 3.25 percent or $3.25 for every $100 loaned. Less credit-worthy customers are charged more, way more.

What do you get for your faithful deposits? An average rate of 0.04 percent or four pathetic pennies for every hundred dollars you put in. It would take 1,800 years to double your money at that rate. Conversely, the bank gets $3.21 profit per $100.

Something is wrong here! You deserve more than four cents. I don’t hate the bank for making a profit. I understand they have risks, expenses and so on. But, you deserve a bigger cut.

What can you do about it? Good question.

Make banks compete for your money.  allows you to compare the best rates for bank accounts, mortgages and loans. They also let you search for local banks and credit unions.

Remember, anytime you open a bank account you are purchasing an asset. So go with the bank that offers the highest rate you qualify for. Higher rates mean more money for you.

According to, one bank is offering  1.15 percent interest on savings accounts. That’s $1.15 per $1000 saved. Your bank is probably giving you a few pennies.

Of course, we need local banks to manage our day-to-day expenses. Outside of that I highly recommend you consider investing your hard earned money in the highest yielding account you qualify for.

Zach Rinkins is the Associated Press award-winning host/producer of the Rinkins Report. Follow TRR on Twitter @RinkinsReport 

Zach Rinkins

Zach Rinkins