Maximize Your Savings with Higher Bank Rates

American banks 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 unleashed a rapid series of rate hikes to combat inflation, pushing up its benchmark rate to a range of 4.75% to 5%. Banks are raising payouts to retain current customers and entice new ones, and some investors, leery of the current volatility in the stock and bond markets, could find a zero-risk investment like a savings account or CD an attractive option.