RateAPY

The Personal Savings Rate Is Going Up

Posted by: RateAPY Bank Rates News
January 28th, 2010

After years of declining, the personal savings rate is going up. People may be saving more because credit is harder to come by than in the past. Also, the unemployment rate is high, which often causes people to worry about their incomes. People are keeping more of their money in liquid accounts such as savings accounts, money market accounts, and certificates of deposit in case they have an urgent need.

Over 100 banks were taken over by the FDIC last year. With so many depositors looking for a new home for their money, banks have created many new strategies to attract market share. Now is a great time to shop banks and ask what sort of incentives and interest rates they are offering to attract new customers. You should compare the best rates on savings accounts, money market accounts, or certificates of deposit.