Bank rates have seemingly stopped their year-long slide over the past few weeks. Bank checking accounts, savings accounts and money market rates aren’t exactly booming, but at least they’re not falling backward.
This week, bank rates, as measured by the BankingMyWay Bank Rate Tracker remained level are as follows:
Bank Rate This Week Last Week
Interest rate checking 0.111% 0.111%
Money Market 0.283% 0.284%
Savings 0.195% 0.194%
Could that set the stage for higher bank rate growth? Some recent economic data might indicate yes (look at the stock market, jobless claims, and corporate profits in recent weeks — all have been trending favorably for economic growth). But the Federal Reserve, which held its Open Markets Committee meeting Tuesday, remains cautious and plans to keep the benchmark lending rate at 0.25% “for an extended period.”
We’re not out of the woods yet, but we can see some slivers of sunlight.