While I was considering the purchase of the iPhone, I happened to recall my visit as a ten year old to the bank with Dad to open a savings account. With bars on the teller window and a bank president on site, it was a different time. Dad was no stranger to the bank as he borrowed as much as the bank would lend. A couple of years later, he was dealing with more than one bank.
When Dad explained to the bank president the reason for the visit with me in tow, we were ushered behind the barricade in front of the bank president's desk. Have no idea how much was deposited in the savings account that was opened. However, I do remember the visits to the bank far into my teenage years to deposit money and have the interest earned recorded -- in a savings passbook.
It was a nostalgic recollection. Interest was actually earned -- or at least recorded as being earned.
Today checking accounts and money market accounts have a paltry interest rate -- if any is actually paid. If interest were paid on the money in the account, there might be some way to stay even with the annual inflation rate.
So for me the obvious conclusion is that they -- the bankers; the economists; the Federal Reserve -- do not want me to save money. They want me to spend the money. A dollar today is worth a dollar. With inflation, tomorrow the dollar will be worth less.
So I might be reconsidering the iPhone purchase. If not the iPhone, I have no doubt there is some other want that will claim those depreciating dollars in my checking account.