Why High Savings Account Rates Aren't Benefitting More Americans

Despite nine rate hikes over the last year, big banks are offering an average interest rate of less than half a percent for savings accounts, as they don't need customers' money. To get the best rate, customers should look to savings accounts offered by tech companies or American Express, or consider money market accounts, which offer many of the features of savings accounts with the flexibility of checking accounts. A recent survey found that about half of U.S. adults have less savings or no savings compared to a year ago, but even saving a few bucks every week can make a difference over the long haul.