A friend forwarded me a hilarious note over the weekend informing him that his bank has a “new” interest rate they’re paying on deposits: 0.001%.
Think about that number: 1/1000th of 1%.
Let’s put 0.001% in context just to demonstrate how absurdly small that number is:
* 0.001% is roughly the same as your odds in poker of ending up with a straight flush, and 30 times less than your odds of getting struck by lightning at some point in your life.
* A bank balance of $100,000 earning 0.001% would generate a whopping $1 in interest after an entire year.
* If at the time of his assassination in 44BC, Julius Caesar had put the equivalent of $100 in a savings account earning 0.001% compounding annually, he would have received a grand total of $2.08 in interest over the last 2,000+ years.