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The 0.01% interest rate offered with this savings account is about 0.12% lower than the market average interest rate. A high-yield savings account will provide better returns on your deposits.
Today (3/22/2012) the interest rate on the EE series savings bond is 0.6%. There was no way that an interest rate of 0.6% could lead to doubling of the value of a bond in 20 years. In fact, the value of the bond would increase less than 15% over the 20 years. The effective interest rate on EE Series savings bonds had to be a lot more than 0.60%. Using semi-annual compounding over 20 years, a $1000 bond will become $2001.60 (double in value) with an interest rate of of 3.5%.