Rates are up everywhere — except on one product that would help millions

Rates have soared for mortgages, credit cards, auto loans, and a range of other debt products, but not for savings accounts at big banks used by millions. 

Yields on savings accounts at megabanks like Bank of America and Chase remain near zero. Savers, many of whom might lack financial discipline after years of living in a low-rate environment, have trillions in accounts that are yielding nothing and getting eroded by inflation. 

“I really implore people to look outside their relationship with their current megabank,” said Amy Hamasaki, the owner of Mountain Wealth Planning. “These banks are making so much money off of these individuals having so much money earning nothing.” 

Chase, for example, offers just a 0.01% rate on its checking and savings accounts. JPMorgan Chase has $1.4 trillion in interest-bearing accounts, according to data provided by the Federal
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