There's a big difference between what online banks pay you for savings interest compared to brick-and-mortar banks.
SAN FRANCISCO -- Why do you pay so much in interest, and yet your savings account gets so little? There seems to be a big disconnect between the interest rates youwith a deposit account. Why is that? Today, 7 On Your Side's Michael Finney has an economics lesson for you.
Look at the rates banks are paying for"savings" and rates hover around a half to 1%. The best 7 On Your Side found was 1.15%. Many brick and mortar banks are paying even less.Wendy says:"Banks get you coming and going." Jerry ads:"Even if rates go up, it would be so minuscule."7 On Your Side asked Greg McBride. He is Chief Financial Analyst for Bankrate.com. He says comparing savings and mortgage rates is like comparing apples and oranges.
So what is a consumer to do? Shop around. Look for a low mortgage rate when buying a home or refinancing, and shop locally and online for the best rate for your savings account.
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