Bank Interest Rates Are Finally Climbing. How High Could They Go?
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Although mortgage and credit card APRs are marching higher with no end in sight, the silver lining of rapidly rising interest rates is that savers are finally in a position to earn better returns on CDs, money market accounts and funds, and even on plain-vanilla savings accounts.
To be sure, this isn’t exactly great news when the prices for everything from housing to haircuts seem to be spiraling out of control. But after years of getting practically zilch for your money, it’s at least a small consolation prize as banks use this opportunity to grab market share.
*Rates and APYs are subject to change. All information provided here is accurate as of May 19, 2023.
How high could interest rates go?
