2024-08-16
9 分钟This is the indicator from planet money.
I'm Darian woods.
And I'm Waylon Wong.
Back in 2022, Rebecca Souden spotted an ad for a bank.
The bank was touting its higher than average interest rate for savings accounts.
And I thought to myself, I thought all bank accounts were supposed to have, like, the same interest.
I thought that was kind of the point of a bank account.
Rebecca was just a few years out of college, and she had a savings account at a major bank that was paying her just 0.01% interest.
This other bank was offering an annual percentage yield, or an APY, of over 4% interest.
So Rebecca opened a new high yield savings account with this other bank, and she kept shopping around.
She has documented her personal finance experiences on TikTok, where she has over 90,000 followers.
If I'm going to open a new account right now, I would not go anywhere with less than a 4% APY.
Now, you might think that with customers like Rebecca jumping to high yield savings account, the biggest marquee named banks would be aggressively upping their rates to attract more deposits.
But the average national rate for savings account right now is just 0.45%.
And this rate has barely budged, even though the Federal Reserve has raised interest rates to their highest level in over two decades.
So do big banks even care about their savings account customers anymore?
Well, it depends who you are today on the show, why big banks aren't that interested in paying you interest on your plain vanilla savings account.
On this week's episode of Wild Card.
Musician Casey Musgraves explains how she's tried to slow down time.
I'm kind of drinking each day, each moment in, and I'm trying to not, like, wish myself to the next, whatever's on the horizon.