The Fed: Banks finally starting to increase savings rates as Fed tightens

Federal Reserve Chairman Jerome Powell

It’s taken awhile, and the returns are barely visible — but for the first time this interest-rate cycle, savings rates appear to be creeping upward.

In the week starting March 19, the average rate on a 12-month certificate of deposit of less than $100,000 was 33 basis points, according to data compiled by the Federal Deposit Insurance Corp. That’s not much, but it’s the fourth gain in seven weeks.

Savers can find better interest rates if they are willing to shop around. There are rates available online north of 2% for one-year CDs, some with no minimum deposits.

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