High-yield savings accounts offer interest rates that often 10 times the national average.
Rates paid out by high-yield savings accounts have been climbing steadily for the past 18 months as the Federal Reserve steadily increased its benchmark federal-funds rate to beat inflation. But you are likelyThat’s because many big banks have been playing a ‘do as I say, not as I do’ game with customers.
How do banks get away with offering customers such low deposits when there are better rates out there?: We all know people willing to drive 10 miles out of the way to save a few cents on a gallon of gas, but many of us are happy to take the easy right hand turn into the closest gas station—even if it costs a bit more.
To be fair, major banks offer competitive rates on certain products. JPMorgan Chase currently offers customers with a checking account a three-month CD with a 3% rate, and Wells Fargo offers a 5% APY on a special fixed rate CD for an 11-month term—two examples bank representatives pointed to when asked for comment.
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