The interest is terrible
As of mid-February 2019, the average interest rate on savings accounts was languishing at a pathetic 0.09%, according to the FDIC. You think that stinks? Some big banks pay even less: as little as 0.01%. You could earn a much higher annual percentage yield (APY) by taking your business elsewhere — particularly if you open a high-yield savings account.
Shop around and compare rates. Be sure to check what credit unions, online-only banks and smaller, locally based banks are offering.
