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maxrandb

(16,864 posts) Tue Nov 1, 2022, 12:01 PM Nov 2022

With the Fed raising interest by 4 points in the past 9 months [View all]

Why is my bank still paying 0.01% on Savings Accounts?

So, apparently, one of the "benefits" of the Fed rate increases is that banks would pay higher interest on accounts.

I am not an economist, but banks, at least my bank, sure isn't paying more interest on savings. Even the CD Rates are still where they were a year ago.

Is this just an example of the rule that "in good, or bad times, the ultra rich still don't lose", or am I missing something?

16 replies

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With the Fed raising interest by 4 points in the past 9 months [View all] maxrandb Nov 2022 OP

You should check CD rates vs the regular accounts... Historic NY Nov 2022 #1

Bank rates should change. I have an account with... brush Nov 2022 #2

CD rates are up, which is nice. ananda Nov 2022 #3

my credit union has CDs listed at 3% MissB Nov 2022 #4

+1 CountAllVotes Nov 2022 #9

So you must keep for a year, ideally over 5 and I assume keep indefinitely after that? themaguffin Nov 2022 #13

You could keep it up to 30 MissB Nov 2022 #14

Because the interest they pay would would increase their cost of funds for the loans they issue Amishman Nov 2022 #5

I remember when banks paid 5% for a standard savings account Fiendish Thingy Nov 2022 #6

My credit union is paying 1.7% CountAllVotes Nov 2022 #7

Because savings rates can't go below zero FBaggins Nov 2022 #8

Thanks for all the good info maxrandb Nov 2022 #10

GO to a professional Johnny2X2X Nov 2022 #11

Thanks maxrandb Nov 2022 #12

Why is YOUR bank paying you 0.01% on savings account? brooklynite Nov 2022 #15

It smells like Bank of America! CountAllVotes Nov 2022 #16