Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen listen to lawmakers during a House Committee on Financial Services hearing on Capitol Hill in Washington, on Dec. 1, 2021. Credit: Amanda Andrade-Rhoades / AP

Letters submitted by BDN readers are verified by BDN Opinion Page staff. Send your letters to letters@bangordailynews.com.

I had to chuckle while reading the Jan. 2 article in the BDN sharing tips for getting one’s finances in shape. It was suggested that making modest deposits in a savings account yielding 1.5 percent interest will yield tangible results over the course of time.

While this information is correct, for my part I’d be very interested in finding a savings account with a 1.5 percent interest rate, as I’m sure many others would. A typical savings account these days yields about 0.05 percent. For those of you more conversant in fractions than decimals, that’s 1/20 of a percent.

The sad fact is, money in a savings account loses value every day when compared to the much higher rate at which the value of the dollar diminishes (currently 6.8 percent), deceptively referred to as “inflation.”

Larry Balchen