Interest Rates On Savings Accounts Are Pathetic. Here's Why You Should Still Have One

Video Credit: Wochit Entertainment
Published on September 24, 2020 - Duration: 00:38s

Interest Rates On Savings Accounts Are Pathetic. Here's Why You Should Still Have One

In response to the COVID-19 pandemic, the US Federal Reserve has lowered the federal funds rate.

According to Business Insider, that means high-yield savings account rates are going down, too.

In fact, nearly all high-yield savings accounts are decreasing their interest rates in 2020.

Consumers may wonder, why even bother with putting money into a savings account?

Even with lower rates, high-yield savings accounts earn more than checking and regular savings accounts.

Advertisement

You are here

Related videos from verified sources

RBI monetary policy: Key rates unchanged, GDP likely to contract by 9.5% 05:38
Video credit: HT Digital Content - Published 2 weeks ago 

What To Check Before Jumping Into A High-Yield Online Savings Account 00:35
Video credit: Wochit - Published 2 weeks ago 

Pandemic Survival Guide: How To Manage Your Money To Stay Afloat 00:39
Video credit: Wochit Business - Published 3 weeks ago 

You might like