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Higher interest rates should mean more money for savers — but switching banks can be a hassle

Apr 18, 2023
The average yield for a savings account is under 1%. Depositors, however, don't always take the opportunity to get more.
Apple is offering a savings account, in partnership with Goldman Sachs, that pays more than 4% interest — way higher than the national average.
Patrick T. Fallon/AFP via Getty Images

We're saving less. Will we spend less?

Jun 14, 2022
After reaching a record high of nearly 34% early in the pandemic, the savings rate has dipped below its pre-pandemic level.
Travelers board a train in Washington, D.C. Partially fueled by pent-up demand for services, consumers are spending down their savings.
Drew Angerer/Getty Images

As the COVID-19 lockdown took hold, savings rates spiked

Jul 31, 2020
Government relief has boosted some incomes, and shutdowns have made it harder to spend.
A shuttered movie theater in Los Angeles. As people are unable to spend money on outings like movies and restaurants, the savings rate has climbed.
Mario Tama/Getty Images