Average savings account interest rates hover around 0.45%, even as prime lending rates for borrowers soar.
Average savings account interest rates hover around 0.45%, even as prime lending rates for borrowers soar.
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Savings account rates used to follow prime rates, but this correlation has broken in the last 18 months.
Savings account rates used to follow prime rates, but this correlation has broken in the last 18 months.
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Major banks focus on branding and advertising rather than offering competitive savings rates.
Major banks focus on branding and advertising rather than offering competitive savings rates.
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Many customers stick with their banks for years, creating a "sticky" customer base.
Many customers stick with their banks for years, creating a "sticky" customer base.
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Savers can find options that offer 4% or 5% interest on their deposits, potentially adding hundreds of dollars annually.
Savers can find options that offer 4% or 5% interest on their deposits, potentially adding hundreds of dollars annually.
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Big banks have an abundance of deposits due to the pandemic and stimulus efforts.
Big banks have an abundance of deposits due to the pandemic and stimulus efforts.
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Online banks and lesser-known institutions offer higher interest rates with FDIC insurance.
Online banks and lesser-known institutions offer higher interest rates with FDIC insurance.
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An alternative to traditional savings, money market accounts offer competitive rates, with some reaching 4% to 5%.
An alternative to traditional savings, money market accounts offer competitive rates, with some reaching 4% to 5%.
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Banks offer CDs with attractive rates, favoring shorter terms due to expectations of falling rates.
Banks offer CDs with attractive rates, favoring shorter terms due to expectations of falling rates.
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These options carry minimal risk, making them appealing for savers seeking higher interest.
These options carry minimal risk, making them appealing for savers seeking higher interest.
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