New years always bring new hopes, but in many cases, those hopes prove to be misplaced. That has been the experience of savers in the last few years.

Savers were optimistic at the beginning of 2014, with the interest rate on 10-year Treasurys at 3 percent. Interest rates had climbed throughout the year, rising from 1.8 percent at the end of 2012. With the Federal Reserve vowing to wind down its quantitative easing program, savers had every reason to believe interest rates would continue to rise throughout the year.

By the end of 2014, the rate on the 10-year Treasury had fallen to 2.2 percent. The Fed did stop buying bonds, but central banks in Europe, China and Japan adopted more aggressive policies. Interest rates were also held down by lackluster economic growth.

In 2015, global central banks are expected to continue adding money to the economy and slow growth is expected to continue. In this atmosphere, interest rates should stay low and significant income from savings will continue to be elusive.

On the bright side, this could be the year when savers stop hoarding cash and move assets into the stock market. There is more than $2.7 trillion in money market funds that could find its way into the equity markets. If this happened, stocks would finally enter a bubble and a bear market would follow. But before that happens, large gains in stocks are likely.