Bank Deposits Decline as Savers Chase Higher Returns, Says Schwab and State Street.

Charles Schwab and State Street reported a decline in bank deposits as savers seek higher returns amid low interest rates. Schwab's bank deposits fell by $8.2bn in Q2 2021, while State Street's deposits decreased by $14bn in the same period. The trend reflects savers' growing preference for higher-yielding investments such as stocks and bonds.