When are the banks increasing the rates for savings accounts?
2007-01-13 00:28:04 · 6 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
I got around 100k in savings and a 0,25% increase will be very useful!!
2007-01-13 00:40:21 · update #1
The Federal Reserve controls short-term interest rates. If the loan rates don't go up, chances are the savings rates will not go up either.
Banks have to earn interest to pay interest. So they are pretty much locked in by the Fed and by their competition.
2007-01-13 00:55:54 · answer #1 · answered by regerugged 7 · 0⤊ 0⤋
I've seen the rates go up for the ING Orange accounts that you might get info in the mail for. Right now, they're advertising 4.5%. My buddy has told me he's seen even better rates for Savings accounts. Obviously, the rates will never be equal to or higher than what they're charging for loans.
2007-01-13 00:40:07 · answer #2 · answered by cubnpack 2 · 0⤊ 0⤋
It all depends on the bank and Federal Reserve. And no one can predict what the Fed Reserve will do until they are ready to announce their plans for the nation's prime lending rates, which happens on a monthly basis.
2007-01-13 00:31:50 · answer #3 · answered by KGJ 5 · 0⤊ 0⤋
usually a couple of weeks after the base rate goes up. It went up a couple of days ago so it should be soon. The savings rates change at the same time as the mortgage rates.
2007-01-13 00:38:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Interest rates on up up up for lenders.Not for savers..So spend spend spend no point saving for rainy days plenty of these days ahead..
2007-01-13 00:32:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
LOL Good question!
2007-01-13 00:30:33 · answer #6 · answered by The Weird One! 4 · 0⤊ 0⤋
not in this decade.
2007-01-13 00:31:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋