Savers Rejoice: Your Interest Rate Is About to Climb
First banks widened the gap between what they pay you and what borrowers pay them. Now they will fight for your money.
Photographer: Akos Stiller/Bloomberg
This article is for subscribers only.
Hold your horses, savers.
The Federal Reserve raised its benchmark lending rate a few weeks ago, the sixth such increase since 2015. So far, banks have been quick to pass on those hikes to borrowers—though without offering anything extra to long-suffering depositors. Watchful consumers might see headlines about the Fed raising rates, then look at their bank statement and wonder, “What about me?”