Despite Rising Interest Rates, Depositors Continue to Get ‘Screwed’ with Near Zero Returns

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Bernanke comments sent interest rates up to levels unseen in more than a year, but a new study performed by finds savers have yet to experience much above zero.

Historical Deposit Account Rates

Historical Deposit Account Rates

Unfortunately, Fed policy continues to ignore the need for low-risk sources of growth, and depositors can expect to be screwed for the foreseeable future.

Consumers have been abuzz over rising interest rates since June, when historically-low mortgage rates suddenly increased by nearly a full percentage point in response to hints the Fed may pull back on its quantitative easing program. However, a new report from personal finance website finds that these marked gains in interest rates have not impacted deposit accounts, leaving risk-averse savers behind in the trend.

"We've seen interest rates on everything from loans to bonds spike in response to recent comments from Bernanke,” comments Casey Bond, managing editor of “Unfortunately, Fed policy continues to ignore the need for low-risk sources of growth, and depositors can expect to be screwed for the foreseeable future,” she continues. found that across the board, deposit yields are down from one year ago to today, while the cost to borrow has increased by more than 80%, in the case of 30-year fixed rate home loans, over the past year.

Deposit Product: Average APY; 1-Year Change

Checking: 0.11% APY; -0.03
Money Market: 0.15% APY; -0.04
Savings Account: 0.11% APY; -0.04
6-Month CD: 0.20% APY; -0.06
12-Month CD: 0.31% APY; -0.08
24-Month CD: 0.47% APY; -0.12

Loan Product: Average Rate; 1-Year Change

15-Year Fixed-Rate Mortgage: 3.43; 0.57
30-Year Fixed-Rate Mortgage: 4.37; 0.82
60-Month New Auto Loan: 3.79; 0.24
48-Month New Auto Loan: 3.67; 0.18

To see the complete study, please visit GoBankingRates at

About is a personal finance website that connects consumers with the best interest rates nationwide. They collect rates on savings, CDs, and checking accounts, as well as auto and mortgage loans, from over 5,000 financial institutions.'s editors have been featured on several top media outlets such as US News, Yahoo! Finance, Forbes, The Street, LA Times, Huffington Post and more.

About This Study

Deposit account data used in the above study comes from the GoBankingRates interest rate database, which is powered by Informa Research Services. The GoBankingRates database tracks rates belonging to more than 4,000 local, national, and online banks and credit unions. Data sources for loan product data come from Informa Research Services, Freddie Mac and Credit Karma.


Connie Lundegard
310-297-9233 x112

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