Inflation’s Silver Lining: You Can Make Money on Your Savings Again

Fed rate increases mean consumer banks such as Marcus and Ally are paying more on savings accounts and CDs

Goldman Sachs’s online bank, known as Marcus, recently offered 1.7% annually on its savings account. Photo: Mike Segar/REUTERS

Higher interest rates mean rising borrowing costs for consumers. But they are finally able to earn some money on their savings in return.

The Federal Reserve has raised interest rates several times since March in its bid to fight high inflation and has signaled more increases are likely. Banks, in response, have gradually increased the rates they pay to consumers on products like certificates of deposit and savings accounts, which plunged early in the pandemic.

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