Andresr | E+ | Getty ImagesAfter years of low interest payouts, savings accounts now are paying higher yields, after a series of interest rate hikes from the Federal Reserve.
Despite inflation concerns, nearly 70% of middle-income Americans haven’t moved savings to higher-yielding accounts, according to a new survey from Santander.
Meanwhile, the top 1% of savings accounts were paying above 4.5%, as of July 25, according to DepositAccounts, compared to a 0.42% average for traditional banks.
"For many of them, the juice just isn't worth the squeeze," said Dallas-based CFP Brandon Gibson, wealth manager at Gibson Wealth Management.
Brandon Gibson Wealth manager at Gibson Wealth Management
Persons:
Kevin Brady, Brandon Gibson, There's
Organizations:
Federal Reserve, U.S . Bureau of Labor Statistics, Wealthspire Advisors, Gibson Wealth Management, Brandon Gibson Wealth, Gibson Wealth
Locations:
Santander, New York, Dallas