Maximize Your Savings: How to Take Advantage of Rising Bank Rates.

Banks in the US are paying higher interest rates on traditional savings products like money market funds, certificates of deposit and regular savings accounts, after a decade of low interest rates. The Federal Reserve has raised its benchmark rate to a range of 4.75% to 5% to combat inflation, prompting banks to raise payouts to retain current customers and entice new ones. Non-bank names such as Apple are also getting into the deposit game, giving savers even more options.