The interest rate on savings accounts depends on various influences in the economy. Since the recession of 2008 hit the United States, the savings account interest rate has declined steadily.
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Average Interest Rate
Online Savings Accounts
According to BankVibe.com, some online savings accounts offer higher interest rates than standard savings accounts. Many have no minimum balance requirement or fees, and they can be easily accessed online. Discover Bank and American Express are examples of banks that have online savings accounts.
Business Cycle Behavior
Interest rates depend on policy and expectations regarding business, reports the Economic Web Institute. In cases where interest rates are used to monitor the regular business cycle, interest rates will decline during recessions. During periods of recovery and growth, rates will increase steadily. At the end of a growth period, rates will increase more as a measure to prevent possible inflation.
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