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Marketplace

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Jan 22, 2020

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When interest rates drop, savers feel the pinch first

Justin Ho Sep 19, 2019
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The potential to earn in a savings account has gone down with interest rate cuts. Above, a Chase Bank in New York. Spencer Platt/Getty Images

When interest rates drop, savers feel the pinch first

Justin Ho Sep 19, 2019
The potential to earn in a savings account has gone down with interest rate cuts. Above, a Chase Bank in New York. Spencer Platt/Getty Images
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Now that the Federal Reserve has cut interest rates for the second time this year, and with the average interest rate for a savings account at 0.1%, the potential to earn much of anything in a savings account is pretty bleak.

In an environment where rates are falling, banks feel pressured to lower the interest they charge for loans — and also the interest they pay depositors. But when the Federal Reserve lowers rates, savers are usually the first to feel the impact.

Click the audio player above for the full story.

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