Skip Nav
35 Facts You Learned in School That Are Completely Wrong
I Was Stranded in the ATL Airport For 48 Hours — This Is What I Learned
Everything We Saw at Disneyland's First-Ever Vintage Theme Night

Bank Interest Rates are Hurting Customers

Better to Put Your Money Under Your Mattress?

According to the American Bankers Association, the average interest rate on savings accounts has dropped to just .47 percent. The Federal Reserve interest rate cuts may help those homeowners with adjustable-rate mortgages to pay lower interest rates, but the rates on savings accounts have taken a hit as the Fed has taken its actions.

The New York Post came up with this eye-opening example that makes clear just how ineffective some savings accounts can be for someone trying to save. Because ATM fees have continued to increase, making just one out-of-network ATM transaction each month on a $7,500 account would probably cause you to pay more in fees than you're making in interest. And if your account has a lower balance you'd be coming out even further in the red.

Shop around for better interest rates and banks that absorb out-of-network ATM fees. It just doesn't make sense to lose money by simply using your bank account.


Homemade Toilet Bowl Cleaner
Best Grocery Store Policies
Natural Oven Cleaner
Where to Get Free Books Online
Free Printable Wedding Program Templates
Cool Upcycling Projects
How to Save Money at Costco
DIY Square Canvas Prints
Best Foods Sold at Costco
How to Live Frugally
From Our Partners
Latest Affordable DIY & Organization
All the Latest From Ryan Reynolds