The typical checking account pays so little interest that more people are moving their day-to-day banking into their brokerage accounts to get a better return on their cash
The Federal Reserve’s interest rate continues to climb, reaching nearly 4% in November. But the average savings account’s interest rate is just 0.16%. Here’s how banks determine that rate—and which accounts are paying closer to the Fed’s. Illustration: Adele MorganThe typical checking account pays so little interest that moreare moving their day-to-day banking into their brokerage accounts to get a better return on their cash.
At Fidelity, the nation’s largest 401 plan provider, there has been a double-digit percent increase in the number of people using cash-management accounts over the last three years, according to a spokeswoman. These money-market accounts let customers earn competitive interest on their cash without sacrificing many of the key features of traditional banking.
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