Is It Just Me, Or Have Saving Rate Increases Slowed Down?

PugPower | Apr 18, 2018 | 121 posts since 2017

I am kind disappointed with the current rates. Seems like we should have more online rates closer to 2.00% by now. Instead we currently only have six online savings accounts offering 1.75% or more. After the previous rate hike in Dec. 2017 there was a flurry of rate increases and jockeying for position amongst the online banks. I just don't see it now. Quite a few banks have hardly increased rates and/or stayed the same after the last fed rate hike. What gives? Maybe the banks are flush and don't feel it necessary to aggressively raise rates to attract more money?

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Answers

buckeye61 | Apr 18, 2018 | 454 posts since 2011

Not needing more deposits could be true at some banks, but I think they are trying to get customers to lock into CD's knowing rates are likely to continue to rise.

PugPower | Apr 18, 2018 | 121 posts since 2017

You are probably right. Seems like CD rates have been rising more aggressively as of late.

RJM | Apr 19, 2018 | 499 posts since 2011

Popular Banks "issues" make them hard to do business with. But I have a good bit there and may send more if others don't step up by 5/7.
All American is my new "hub" to replace Ally.

I will probably just use their money market as my checking account. And keep less than $2000 in there. Its 1.75%.

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