Why Interest Rates on Savings Accounts Are Still So
Low
https://www.bloomberg.com/news/articles/2023-02-23/why-is-the-interest-rate-on-my-savings-account-so-low
The average APY is still just 0.23%.
US Banks Are Finally Being Forced to Raise Rates on Deposits
https://www.bloomberg.com/news/articles/2023-03-06/banks-forced-to-jack-up-cd-rates-to-stanch-bleeding-on-deposits
US banks are being forced to do something they haven’t done for 15 years: fight for deposits.
After years of earning next to nothing, depositors are discovering a trove of higher-yielding options like Treasury bills and money market funds as the Federal Reserve ratchets up benchmark interest rates. The shift has been so pronounced that commercial bank deposits fell last year for the first time since 1948 as net withdrawals hit $278 billion, according to Federal Deposit Insurance Corp. data.
https://www.bloomberg.com/news/articles/2023-02-23/why-is-the-interest-rate-on-my-savings-account-so-low
The average APY is still just 0.23%.
US Banks Are Finally Being Forced to Raise Rates on Deposits
https://www.bloomberg.com/news/articles/2023-03-06/banks-forced-to-jack-up-cd-rates-to-stanch-bleeding-on-deposits
US banks are being forced to do something they haven’t done for 15 years: fight for deposits.
After years of earning next to nothing, depositors are discovering a trove of higher-yielding options like Treasury bills and money market funds as the Federal Reserve ratchets up benchmark interest rates. The shift has been so pronounced that commercial bank deposits fell last year for the first time since 1948 as net withdrawals hit $278 billion, according to Federal Deposit Insurance Corp. data.