How would these people know any better when the choice has been made for them?
Would you say people were satisfied earning less than 1.0% on their savings accounts when many high-yield accounts were paying out over 5%?
82% of Americans Aren't Using High-Yield Savings Accounts
Or was it because they didn't know any better?
A new survey finds many Americans lack financial literacy on savings accounts, many of which now pay 4% or even 5% interest.
www.usatoday.com
For the first time in years, banks are offering savings accounts that pay serious interest. But consumers aren’t doing much about it, a new survey finds.
Roughly one-fifth of Americans with savings accounts don’t know how much interest they’re getting, according to a quarterly Paths to Prosperity study by Santander US, part of the global bank Santander. Of those who do know their interest rate, most are earning less than 3%.
“There’s real opportunity for people here to better their financial health by being aware, and by being willing to take some action,” said Tim Wennes, CEO of Santander US.