Many banks are finally increasing the yields on their online savings accounts and certificates of deposit, tracking the interest-rate hikes the Federal Reserve started in March to combat higher prices.
For instance, Ally Bank increased its online savings account’s annual percentage yield (APY) to 0.90% from 0.75% last week, while American Express upped its high-yield savings account yield to 0.75% from 0.65%. More increases could be on the way after the Fed this week hiked its rate again —…
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