As you may have heard The Fed (aka FOMC ) has stated their plan to continue to raise interest rates. The silver lining for you and me is interest rates being paid on our savings rates are rising….maybe.
Why do I say “maybe”? The 5 largest banks in the US have not really been interested in raising rates. According to Dion Rabouin of the WSJ , the 5 largest US banks are paying an average interest rate of 0.40%. While the top rates are hovering around 4.00%. See his video on how he’s calculated that most Americans have missed out of $603 billion of interest.