savings rate Archives

Americans are spending a lot and not saving much. Economists aren't too worried. Yet.

by Caleigh Wells

Aug 30, 2024

One reason? Savings rates are coming down from a high early in the pandemic, when many Americans were able to hold on to extra cash.

With wage growth, falling inflation and increased consumer spending in the U.S. — signs of a strong economy — is a low savings rate cause for alarm?

Robert Nickelsberg/Getty Images

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Higher interest rates should mean more money for savers — but switching banks can be a hassle

by Matt Levin

Apr 18, 2023

The average yield for a savings account is under 1%. Depositors, however, don't always take the opportunity to get more.

Apple is offering a savings account, in partnership with Goldman Sachs, that pays more than 4% interest — way higher than the national average.

Patrick T. Fallon/AFP via Getty Images

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We're saving less. Will we spend less?

by Sabri Ben-Achour

Jun 14, 2022

After reaching a record high of nearly 34% early in the pandemic, the savings rate has dipped below its pre-pandemic level.

Travelers board a train in Washington, D.C. Partially fueled by pent-up demand for services, consumers are spending down their savings.

Drew Angerer/Getty Images

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COVID-19

As the COVID-19 lockdown took hold, savings rates spiked

by Justin Ho

Jul 31, 2020

Government relief has boosted some incomes, and shutdowns have made it harder to spend.

A shuttered movie theater in Los Angeles. As people are unable to spend money on outings like movies and restaurants, the savings rate has climbed.

Mario Tama/Getty Images

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Savings rate

Americans are spending a lot and not saving much. Economists aren't too worried. Yet.

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Higher interest rates should mean more money for savers — but switching banks can be a hassle

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We're saving less. Will we spend less?

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As the COVID-19 lockdown took hold, savings rates spiked

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Americans are spending a lot and not saving much. Economists aren't too worried. Yet.

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Higher interest rates should mean more money for savers — but switching banks can be a hassle

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We're saving less. Will we spend less?

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As the COVID-19 lockdown took hold, savings rates spiked

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