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Why don't banks pay higher rates on saving accounts?

Anonymous

∙ 12y ago

Updated: 10/16/2024

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Q: Why don't banks pay higher rates on saving accounts?

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What is the best type of saving accounts to get?

The best savings accounts are the ones with the highest interest rates. Try an online bank like ING, they have low overhead and thus have much higher interest rates for accounts than traditional banks.

What are some of the best banks with the highest interest rates for savings accounts?

Some of the best banks with the highest interest rates for saving accounts are the Bank of England, the Bank of Switzerland, and various banks in the Cayman Islands.

How can you find the banks with the highest interest rates for saving accounts?

One bank that has high interest rates for saving accounts is Capital One. Other options are EverBank, CIT Bank, Barclays Online Savings, SallieMae, and Discover.

How do the interest rates of different savings accounts compare to each other?

The interest rates of different savings accounts can vary, with some offering higher rates than others. Generally, online banks and credit unions tend to offer higher interest rates compared to traditional brick-and-mortar banks. It's important to shop around and compare rates to find the best option for your savings.

What are some of the 50 highest money market rates and high interest savings accounts?

Some of the fifty highest money market rates and high interest savings accounts can be found at many banks. For instance, PNC offers high interest saving accounts.

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Related Questions

What is the best type of saving accounts to get?

The best savings accounts are the ones with the highest interest rates. Try an online bank like ING, they have low overhead and thus have much higher interest rates for accounts than traditional banks.

What are some of the best banks with the highest interest rates for savings accounts?

Some of the best banks with the highest interest rates for saving accounts are the Bank of England, the Bank of Switzerland, and various banks in the Cayman Islands.

How can you find the banks with the highest interest rates for saving accounts?

One bank that has high interest rates for saving accounts is Capital One. Other options are EverBank, CIT Bank, Barclays Online Savings, SallieMae, and Discover.

What is the interest on savings accounts?

Savings accounts with traditional banks typically do not have high interest rates. Banks such as Ally or ING Direct offer slightly higher interest rates that are approximately .75 to 1 percent.

How do the interest rates of different savings accounts compare to each other?

The interest rates of different savings accounts can vary, with some offering higher rates than others. Generally, online banks and credit unions tend to offer higher interest rates compared to traditional brick-and-mortar banks. It's important to shop around and compare rates to find the best option for your savings.

What are some of the 50 highest money market rates and high interest savings accounts?

Some of the fifty highest money market rates and high interest savings accounts can be found at many banks. For instance, PNC offers high interest saving accounts.

What are high yield saving rates?

High yield saving rates are simply savings accounts that pay a greater amount of interest from the financial institution to the account holder. As such, these rates require a greater amount of money to be committed to accrue higher rates of return.

Why do CDs have higher interest rates compared to other savings accounts?

CDs have higher interest rates compared to other savings accounts because they require you to deposit your money for a fixed period of time, which allows banks to offer a higher rate in exchange for your commitment.

What is the current interest rate for a saving account?

Currently (2009), interest rates on savings accounts are very very low. Different banks have different interest rates. In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers

What financial institue has the best CD interest rate?

A CD will pay higher rates than a saving accounts because they are very safe, even the best interest rates for certificates of deposits are lower than most other investment. in fact, the highest rates offered by very safe banks can be as much as 40% higher than national averages.

How do the interest rates for savings accounts from different financial institutions compare?

Interest rates for savings accounts can vary between financial institutions. Some institutions offer higher interest rates than others, so it's important to compare rates before choosing where to open an account. Generally, online banks tend to offer higher interest rates compared to traditional brick-and-mortar banks.

How would I find the banks with the best saving account rates?

Go to www.bankrate.com and search for savings and money market accounts. You can organize the list by the highest yields.

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