Savings account rates rising as banks adjust to economic shifts
Savings account rates are increasing as financial institutions respond to changing economic conditions. Some accounts now offer higher returns than previously available.
Higher rates could increase your savings returns, but switching may involve effort and risk.
Current rate trends
Some banks have raised rates by up to 0.5 percentage points in recent months, according to recent data.
What to consider
Switching accounts may involve fees, minimum balance requirements, or loss of existing benefits.
Common questions
How do I know if my savings rate is competitive?
Compare your rate with other banks' current offers, which are often listed on financial comparison sites.
Are there any costs to switching banks?
Some banks charge fees for account transfers, and others may require minimum balances to be maintained.
Sources
- Should You Take Your Money and Run — To a New Bank? By Yuliya Goldshteyn, NerdWallet · nerdwallet.com
- Money Is Getting More Complicated — and We Need to Talk About It By Lauren Schwahn, NerdWallet · nerdwallet.com
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