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High-Yield Savings Accounts Draw Customers With 4% Rates
Posted
April 21, 2023
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April 21, 2023
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1:16Now PlayingReturns on cash investments—no pain, just guaranteed gains!—is tempting savers to get rich gradually again. Bloomberg's Claire Ballentine takes another look at boring old bank savings accounts.
It wasn’t too long ago that many personal finance discussions were dominated by such burning questions as: Can I juice my retirement by betting on the stock of a mall video game store? How about digital pictures of apes? Well, things have changed.
A surge in interest rates has popped the bubbles in especially speculative corners of financial markets. But a major side effect of the new financial regime is a focus on an investment many of us may have forgotten to view as an investment at all: boring old bank savings accounts, some of which now pay yields of more than 4% after years of offering rates that round down to zero.
One of the US Federal Reserve’s most aggressive campaigns ever to fight inflation with higher borrowing costs has created a refreshing opportunity for both businesses and consumers. At the same time, it’s creating a fresh round of headaches for the banking executives who suddenly find themselves in a heated competition to expand—or at least maintain—their share of the nation’s roughly $18 trillion worth of bank deposits.
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