The unthinkable may become our new reality. Negative interest rates! What does that mean for your savings account at the bank? The answer is simple: The balance will go down by a small amount each month if negative interest rates become a reality. You will be charged for the ‘privilege’ of keeping your savings in the bank.

Unlike past business disruption events, such as the great recession of 2008, COVID-19 ripped through the business community exposing risks that discriminated against face-to-face businesses much more so than businesses that don’t physically interact with their customers.

With respect to interest rates, they tend to go lower with bad economic news. The Pandemic has driven rates substantially lower. Taking advantage of a lower rate can generate substantial interest savings over 30 years, but you should try to shoot for a 2% lower rate than your current rate and shop around for the best deals on closing costs.