Banks paid depositors $78.7 billion in 2022, up from $24.3 billion in 2021, according to a recent study.
When comparing the offerings, don't automatically go for the one with the highest rate though, says Ken Tumin, senior industry analyst at LendingTree."Look at one that has a history of offering competitive rates," he says."A lot of banks will create new accounts and offer a high rate while old accounts get left behind."
A bank with a slightly lower rate may offer more features and better customer service — a tradeoff that may be worth it. "More established online banks tend to put more resources into staffing customer service, have longer hours, are better staffed," says Tumin."They tend to have better online account management software, too, which can be important if you're transferring money between accounts online."Maybe you would have switched banks years ago, but it seemed like too much of a hassle to leave.
In doing so, you keep your existing relationship with your bank while adding an account that responds more quickly to movements in interest rates and pays higher rates overall."It's a quick and easy way to take advantage." If you don't want to change banks at all, but still want to pursue a higher rate, talk to your banker."Show them what other banks are offering and ask what they have to offer," says Tumin., which may be a fine place to stash cash, depending on how quickly you'll need it. And if your bank has a brokerage arm, you may be able to put your cash in a money market mutual fund.
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