Bloomberg: Sorry Savers, Banks Don’t Want Your Money

>First, just because the Federal Reserve is raising rates doesn’t mean the rate investors earn on their cash will rise as much — if at all. In fact, the financial repression in the form of zero rates suffered for more than a dozen years by those who are ultra conservative with their savings isn’t going away soon. Second, banks don’t want your money.

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>The simple fact is that there is too much money sloshing around the financial system. And everyone knows that when there’s too much supply of something, prices — or, in this case, savings rates — don’t rise. It’s been a painful dozen years or so for savers. Unfortunately for them, it’s going to stay that way for a long time.