Banks' savings rates are crucial as account switching becomes more common
The news: Almost $60 billion in bank deposits was transferred out of major US financial institutions (FIs) Charles Schwab, State Street, and M&T in the first quarter amid a rise in savers moving their money to find better rates, according to the Financial Times.
What's behind savers switching?
- Banking turmoil. The collapse of three US banks led savers and small businesses to re-examine where they kept their money. Wall Street lenders reported a rise in deposit inflows during the first quarter, including JPMorgan, which gained about $50 billion at the end of March alone.
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