When interest rates rose due to inflation, banks and credit unions quickly increased rates on credit cards, mortgages, and loans—but were reluctant to reward loyal customers with higher interest on deposits. Review your savings account interest and take necessary action.
Many savings accounts earn less than 1%, while high-yield options offer 3.5% to 4.8% with FDIC coverage.
Banks often advertise the best deals to new customers, not loyal ones.
The solution might be a different product at your current bank, or a new institution altogether.
Link accounts, monitor balances, and transfer excess funds to maximize your interest income. Don’t let your money sit idle. Make the switch to start maximizing your savings.
Don’t let your money sit idle. Make the switch to start maximizing your savings.
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