Savers Strike Gold

Recent earnings reports from major banks reveal that banks are now offering higher rates on traditional savings products like money market funds, certificates of deposit, and regular savings accounts

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The likeness of George Washington is seen on a U.S. one dollar bill, Monday, March 13, 2023, in Marple Township, Pa. After years of paying low rates for savers, banks are finally offering better interest on deposits. Moving your savings around by opening a new account and closing an old one can seem like a hassle, but it's a use of time that can pay off. (AP Photo/Matt Slocum)
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For the first time in over a decade, Americans are seeing a significant benefit from keeping their money in the bank. The Associated Press reports that recent earnings reports from major banks reveal that banks are now offering higher rates on traditional savings products like money market funds, certificates of deposit, and regular savings accounts.

This is due to the Federal Reserve’s recent rate hikes to combat inflation raising its benchmark rate to a range of 4.75% to 5%. Savers can finally enjoy the benefits of higher interest rates after a decade of low rates. But the question is, could inflation eat away at those gains?


Click play to listen to the AURN News report from Jamie Jackson:

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