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☆ Cash is yielding 5% and many Americans are still missing out. How to juice your savings
▼ + stars: | 2024-07-19 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Today's high interest rate environment has led to rising borrowing costs for consumers, but there is a silver lining for savers: Their idle cash can generate plenty of income – if they can find the right savings products. The Federal Reserve's key interest rate is sitting at a target range of 5.25% to 5.5%, its highest level in more than 22 years . The firm found that about six out of 10 middle-income Americans are leaving their money in lower-yielding accounts, even as interest rates have risen. "Or, there's a perception that the switching costs, or the friction, related to making a change is more work than the benefit of getting higher rates." Meanwhile, LendingClub offers a 1-year CD at a 4.4% APY, while its high-yield savings account offers a 5% APY.

Persons: Tim Wennes, There's, Wennes, —, Darla Mercado Organizations: Santander U.S, Federal, Financial, LendingClub

[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).

Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB

☆ Most middle-income Americans still earn less than 3% on savings, survey finds
▼ + stars: | 2023-10-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Despite inflation concerns, most middle-income Americans still aren't leveraging higher interest rates for savings. That's according to a new Santander survey of roughly 2,200 middle-earning U.S. adults, conducted in early September. Some 64% of middle-income Americans are earning less than 3% on their primary savings account, the findings show. But a lack of awareness isn't the main reason why Americans aren't taking advantage of higher rates, according to the survey. However, some 36% of those surveyed have at least $10,000 in savings, Wennes pointed out.

Persons: Biden, Tim Wennes Organizations: Finance, Santander U.S Locations: Santander

☆ Middle-income Americans think prosperity is within reach
▼ + stars: | 2023-07-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Santander recently released a quarterly survey of about 2,250 middle-income bank and financial services customers (defined as having household incomes between $47,000 and $142,000.) Illegal child labor is on the rise in a tight job marketUS child labor violations have jumped in recent years. Now, the Department of Labor has announced actions it’s taken so far this year through a new interagency task force on child labor. Between October 1, 2022, and July 20, 2023, the Department of Labor concluded 765 child labor cases, found 4,474 children employed in violation of federal child labor laws and assessed more than $6.6 million in penalties against employers, the agency announced on Thursday. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases.

Persons: New York CNN —, Tim Wennes, “, ”, Bell, they’re, they’ll, they’ve, That’s, We’re, we’ve, BlackRock, Tupperware, it’s, Labor Julie Su, Jordan Barab, Obama, Barab Organizations: CNN Business, Bell, New York CNN, Federal, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, First Bank, Spain’s Santander, SC, Santander, New York Stock Exchange, GameStop, AMC, Libra Investment, Department of Labor, Labor, Occupational Safety, Health Administration, Labor Department Locations: New York, PacWest, Banc, California, State Bank of Elkhart , Kansas, America, United States, Santander, Florida, noncompliance, Tupperware

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