Markets see Warsh endorsing a rate hike in September. Not everyone is convinced
The path toward the move still looks cluttered.
As of September, a solid money market account rate is deemed to be around 4% or more. This rate would enable savers to accumulate $200 annually on a $5,000 deposit, $600 on a $15,000 deposit, $1,000 on a $25,000 deposit, $2,000 on a $50,000 deposit, or $4,000 on a $100,000 deposit, assuming no account activity affects the principal.
These projections are based on a top rate of 4.00% enduring throughout the year and no changes in account activity. Given the volatility of interest rates, securing the highest possible rate at present is advised to maximize interest earnings.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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