Rates on popular savings vehicles such as certificates of deposit and bank savings accounts have been falling for years, but just when you thought they couldn’t possible go down any more, they keep hitting new lows. The average interest on a savings account is 0.08 percent a year, down one-third from last year, according to the Federal Deposit Insurance Corp. That means $10,000 would generate just $8 a year in interest. Meanwhile, the national average yield for five-year CDs dropped below 1 percent for the first time on record.
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