Banks are paying up for savers’ deposits in a much bigger way than they have in a long time.
like money market funds, certificates of deposit and regular savings accounts.
To bolster their deposits, banks are raising payouts to retain current customers and entice new ones. Some investors, leery of the current volatility in the stock and bond markets, could find a zero-risk investment like a savings account or CD an attractive option.last month. A mass exodus of deposits in a short period of time doomed that bank, and led depositors at other midsize institutions to pull some of their money as well, although the withdrawals appear to have abated for now.
Another banking giant whose customers mostly have checking accounts — Wells Fargo — says its paying 1.22% for interest-bearing deposits versus paying just 0.04% for those same deposits a year earlier.
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Banks are paying savers again after many years of low ratesBanks are paying up for savers’ deposits in a much bigger way than they have in a long time.
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