The Federal Reserve's campaign of interest rate increases has been kryptonite for the stock market this year. But another knock-on effect of rising rates is higher income on risk-free savings accounts — a welcome change for savers.
The Federal Reserve's campaign of interest rate increases has been kryptonite for the stock market this year. But another knock-on effect of rising rates is higher income on risk-free savings accounts — a welcome change for savers.
For the last dozen years or so, rates of return on saving have been quite low by historical standards. Interest on 1-year certificates of deposit were well below 1% most of the time.Interest rates on savings are surging this year — the average rate on 1-year certificates of deposit has risen from nearly zero to almost 2%, according to Bankrate.
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