Banks offering highest interest rates on savings accounts in more than a decade

ORLANDO, Fla. - As the feds weigh whether to continue raising rates to curb inflation, one silver lining to the consumer can be seen in your savings account.

Depending on where you bank, those interest rates are paying out upwards of 4-5% on the money you store in savings.

Financial experts report we haven’t seen rates this high in more than a decade and now may be a time to shop around so that you get the best return.

How many banks do you use?

"Just one," Nick Parish said.

"Currently just one," Ted Verschueren said.

"Mostly two, but I do have money in three," Pat Collado said.

According to a Bankrate.com poll, most people stick with the same bank for more than 14 years and many don’t know how much interest they’re receiving in return for investing their money.

"No clue," Parish said.

"Oh yes - it’s almost nothing," Verschueren said.

"Right now I can get a good rate at 3.8 percent," Collado said.

Certified financial advisor Joe Bert said you want to be sure you’re getting the highest rate that you can.

"If you don’t look for it, you’re never going to get it," Bert said. "Just go to bankrate.com and you can see what interest rates are out there."

A quick scroll shows many banks offering well over 4% interest.While the large national banks are offering significantly less starting at 0.01%.

"So you do the math," Bert said. Let’s say you have $10,000 in a savings account. At 4%, you would make $400 in one year. But at 0.01%, that’s making you just one dollar.

"That’s super low," Parish said.

"They’re just taking advantage of people’s laziness," Bert said.

According to the FDIC, it has been more than a decade since banks offered 4% interest on savings accounts and it’s not just because of the fed raising rates to fight inflation.

"Simply to attract savers because banks make money by lending and if they don’t have the money to lend because people aren’t putting it in the bank - they can’t do that," Bert said. "That’s why banks raise rates to remain competitive."

Bert said this is an opportunity for consumers to re-evaluate where they park their money.

"They’re using my money to make money," Verschueren laughed. "So yes I want to get paid!"

Bert said community banks, credit unions and online banks can offer better deals.

"The only benefit, at least in the short term, is that savings rates are going up," Bert said. "Rates that you’re getting on savings accounts, CDs, and short term treasuries."

But he added that these rates won’t last forever and advises to have a long-term financial plan for your future.

"Yeah I’ll definitely have to look into that," Parish said.