After years of paying low rates for savers, banks are finally offering better interest on deposits. Moving your savings around by opening a new account and closing an old one can seem like a hassle, but it’s a use of time that can pay off. As the Federal Reserve has raised interest rates to try to cool inflation, some banks have improved their terms for savers as well. Even if you’re only keeping modest savings in your bank account, you could make more significant gains over the long term by finding an account with a better rate.
