Savings in the News: August 14

August 14, 2009
By Kevin Cafferty

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Here are some interesting articles found online in the past few days involving cd rates and savings accounts.

The Northwest Herald has an article about the lingering recession and how it has increased the level of savings among consumers:

Confronted with a dour economic forecast, Americans once again are squirreling away money.

“We’re seeing an increased interest in savings,” said Cate Williams, vice president of financial literacy for Money Management International in Chicago, which offers credit counseling services.

CNN Money has an article on the 401k and how Fidelity says workers raising the amount they put into funds last quarter outnumbered those reducing contributions for the first time in a year.

Fidelity said the average 401(k) account balance rose 13.5% in the second quarter to $53,900. The increase was primarily driven by the rally on Wall Street, but higher worker and employer contributions also contributed to the rise, the company said.

"Workers who maintained a long-term point of view are being rewarded with a nice recovery in their account balances," said Scott David, president Fidelity Investments workplace investing division.