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.

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