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 to listen to the AURN News report from Jamie Jackson: