Due to Covid-19 and the state of the economy, many banks are raising fees and reducing Savings Account and Certificate of Deposit (CDs) interest rates. This is happening due to the Federal Reserve’s decision to lower rates. The Federal Reserve won’t raise rates again until the economy is strong.
Due to the number of banks lower their rates to 10% of 1.0% (%0.10), I recommend the following:
(1) Read every piece of mail your bank sends you for promotional rates,
(2) Keep researching high-yield online savings accounts, which might earn 1.00% or greater,
(3) Visit your bank’s website to research the increase of fees and reduction of interest rates, or
(4) Google information to assist you with finding a *free* savings account with a $25.00 – $450.00 sign-on bonus (or more). Use a site like https://www.bankrate.com to help.
Save your money to counter bank fees:
– ATM fees,
– Checking account fees,
– Overdraft fees,
– Money order fees,
– Safety deposit fees.
Leave a comment if you have any questions.
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Bank rates are so low in 2020. It is hardly worth having your money in the bank. Times are certainly different now.
Beatrice, I completely recommend that you talk directly to your bank’s Customer Service Associate.