Good news for savers: Banks are starting to pay a higher return on your cash.
According to data compiled by Bankrate, at least 10 banks have raised interest rates on their high-yield savings accounts or money market deposit accounts since mid-April, including American Express, Capital One and Discover Bank.
The rates are still relatively low — none yet pays over 1% — but consumers’ returns are likely to climb steadily higher as The Federal Reserve continues to raise its benchmark interest rate to curb inflation.
However, some banks are moving faster than others on this front. Traditional brick-and-mortar banks may not bulge for a while.
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