Savings Rates Drop Despite Fed Holding Rates Steady, Some Banks Still Offer 4% APY
The Federal Reserve has kept its benchmark federal funds rate steady, but several major banks have reduced their savings account yields. Despite this, some online banks like Bread Financial and LendingClub still offer 4% APY, though analysts predict they may soon follow others in cutting rates. The market impact is moderate, with savers seeking higher yields turning to online banks and CDs.
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Topics: APY banking industry Federal Reserve interest rates savings accounts