The account you get when you first become a Suncoast member, your Share Savings requires only a $5 opening deposit and gives you access to all other Suncoast products and services. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. This strategy also ensures banks meet reserve requirements put in place by the Federal Reserve to promote appropriate liquidity. She is passionate about thrifty adventure travel, hiking, and cycling. . The low interest policies of the Federal Reserve in the early '70s encouraged full employment, but also caused high inflation. As a result, they dont have as much of a need for consumer cash reserves; thus, their incentive to offer high savings yields to attract new customers goes down. When the Fed raises or lowers its rate, banks and credit unions generally take their cue to do the same for savings accounts and CDs. Finder makes money from featured partners, but editorial opinions are our own. In May 2022, inflation hit a 40-year high. The good news is that inflation can potentially be tamed by other means. Over the last year, interest rates have dropped from 2.1% to 0.9%, a 65% decrease. After some oscillation, interest rates . While the exact reasons are unclear, broad structural forces may be influencing interest rates. for all Savings Accounts with a balance of up to Rs.1 lakh. Heres a deeper dive into the effects of Fed rate increases for September 2022 and November 2022. But since the summer of 2021, rates have been rising again and dramatically. 4.00%. The spike in personal savings rates from 1973 to 1975 coincided with the deep recession that was ravaging the country over the same period of time. Many or all of the products featured here are from our partners who compensate us. The Federal Reserve controls the economy. But you can still lock in competitive ones, and that might be enough to help with your goals. In a high-rate environment, banks can lend for a greater profit, so theyre more willing to incentivize savings. Editorial Note: We earn a commission from partner links on Forbes Advisor. In 2010, 12-month CD rates and money market rates were 0.71 percent and 0.29 percent, respectively. As the Federal Reserve has raised its target federal funds borrowing rate during 2022, interest rates paid to savings account depositors have lagged behind. Personal loan rates have fluctuated since the early 1970s, but have ultimately decreased over the last four decades. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. For those born after the late 1980's you may not realize that banks recorded your balance in a booklet, along with the interest rate. Credit card rates today are at 12.54 percent, a definite step in the right direction for consumers, who paid 15.99 percent on average in 1995. The FDIC has only kept track of savings account interest rates from the beginning of 2010. You could find a 5% CD rate both in the mid-'90s and the mid-2000s, on either side of a short recession in 2001. Finder is a registered trademark of Hive Empire Pty Ltd, and is used under license by Unlike some declining economic indicators mentioned above, the job market is one of the strongest areas of the global economy. She managed projects such as the U.S. News education rankings and the Best States rankings. Pre-qualified offers are not binding. By the end of the Great Recession in late June and early July 2009, however, the average national rate was just 0.21%, according to Federal Deposit Insurance Corporation (FDIC) data. You might be using an unsupported or outdated browser. Now the UK base rate sits at 0.01%. U.S. Deregulation caused deposit interest rates to stay higher than financial institutions could sustainably support, which contributed to banking failures during that decade. We had "historically low interest rates in the period after the Great Recession, and then they fell further with the 'Viral Recession,'" Faucher said in a recent email, citing data by the National Bureau of Economic Research that shows a recession in March and April 2020[0]National Bureau of Economic Research. As near-zero rates seem more likely for the extended future, market distortionssuch as ultra-low income yieldsmay become more commonplace. It was about 2.5% through this period. List of Savings Account Banks Minimum Balance Required (INR) Savings Account Interest Rates (Per Annum) Allahabad Bank: 500/1000/2500: 2.90%: Andhra Bank: Here are the best savings account interest rates for February 2023 Bask Bank, APY: 4.25%, Min. How much you earn depends on the financial asset and By Suchetana Bhattacharyea. In a strong economy, borrowers can refinance their homes to eliminate credit card debt. How to avoid a CD early withdrawal penalty. Please try again later. These international banks offer accounts with 12% APYs or higher, but watch out for risks. Between 1976 and 1980, interest rates on three-month Treasury bills jumped from 4 percent to 16 percent and those on long-term Treasury securities from 6 percent to 13 percent. Either way, predicting where savings interest rates will be in six months, a year, or longer is tough because economies can be hard to forecast. In fact, rates typically remain steady to allow the economy to continue doing well. Dove vs. Hawk: The Financial Conditions Index. This is down from 12.38 a decade earlier in 2007, and more than 6 percent lower than the peak rate of 18.65 percent in 1982. Savings account rates can also be impacted by competition among banks. Before the Great Recession in early 2007, banks such as HSBC Direct, ING Direct, Citibank, and Emigrant Direct were offering savings account yields between 4.5% and 5.05%. In 2009, savings rates averaged 0.21% APY but fell to 0.17% in 2010 and 0.11% in 2011. In 2022, the Federal Reserve issued seven consecutive federal funds rate increases to combat inflation. Either way, you need that money to keep earning more for you. Supreme Court to hear case that threatens existence of consumer . From 1955, however, when it was 1.79 percent, until 2008, the rate was in single and double digits. Although some banks, like online institutions, give depositors interest on checking accounts, most do not. T&Cs apply - Visit the ANZ Plus website for full terms, conditions and eligibility criteria. The Forbes Advisor editorial team is independent and objective. Finder.com is an independent comparison platform and In 2017, the savings interest rate is just 0.06 on average a rate that has held steady since 2013. CDPQ, Canada's Second Largest Pension Fund, Likely Set To Lose Hundreds of Millions on Celsius Network Investment. January 1986 to December 2022 | 5 Indexes Displayed. Sign up for our daily newsletter for the latest financial news and trending topics. Generally, you might take advantage of certificates of deposit to earmark some savings for a big goal within five years, such as buying a car or house. IndusInd Bank. Before checking accounts and savings accounts were a couple of clicks or swipes away, customers had to visit branches to access their funds. When the federal funds rate surpassed 19% in 1980, consumers may have seen even higher savings account rates, although official data is not readily available. Interest Rate vs. APR: How Not Knowing the Difference Can Cost You, Interest Rate Forecast: See What Fed Rate Hikes or Cuts Mean. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. While it was once easy to find a savings account at your local bank offering rates upwards of 3%, rates dropped precipitously following the Great Recession. She is based near Washington, D.C. Rates on some of the best high-yield savings accounts surpassed 4% by the end of the year. This information may be different than what you see when you visit a financial institution, service provider or specific products site. When you compare CD rates today, you wont find the highest yields of all time. With high inflation, interest rates usually increase, Carey said. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Rates are now below 1945 levelsand well under 6.1%, the average U.S. interest rate over the last 58 years. This Markets in a Minute chart from New York Life Investments tracks the history of U.S. interest rates over two centuries, from the creation of the first U.S. Bank to the current historic lows. CDs are safe because banks and credit unions offer federal deposit insurance to protect your money in case they go bankrupt. Mortgage rates are beyond the control of your lender the secondary market that buys and sells bundled mortgages sets them. So how do we make money? These jobless rates are more than double the projections for advanced economies in Europe. The fed interest rate is a benchmark that banks, credit unions and other financial institutions use to set prices for loans. Oops. Peak rate: The 70s ended at high of 12.9% By 1968 the prime rate had climbed to 6.31 and in 1969 it jumped to 7.95 percent. Prior to todays historically low levels, interest rates fell to 1.7% during World War II as the U.S. government injected billions into the economy to help finance the war. During recessions, interest rates usually decline as the Federal Reserve cuts interest rates to try and spur the economy, said Doug Carey, a Chartered Financial Analyst and president of WealthTrace, a financial planning and retirement planning software company. Yes, there have been some short-term reversals, primarily during recessions, but nothing sustained. It then took 100 years for interest rates to exceed the highs of the Civil War era. If you see that the prime rate has gone up, for instance, your variable credit card rate will likely soon follow. This buy now, pay later service has stepped into the savings account game. As you can see, savings rates climbed from roughly 7.5% in 1959-1960 to 10% or more in the early to mid-1970s. Regular saver With a regular saver account you save a set amount of money each month. The S&P 500 was 0.2% lower early Wednesday in its first trading after Learn more about, In March 2022, the Federal Reserve raised its rate for the first time in three years, and both national average and high-yield CD rates rose in response. And 9/11 cost the country almost $3.3 trillion. Although the prime rate had been around the 3 percent mark until 1958 except in 1957 when it rose to 4.3 percent it didn't come down to that range again until 2009 when it hit 3.25 percent. This page includes a chart with historical data for Deposit Interest Rate in . A high or increasing cash rate usually results in a higher variable home loan rate, as seen in the table above. When the Federal Reserve lowers interest rates, savings rates tend to fall as well. First, the interest rates that they could pay on deposits were set by the . The Fed continued rate increases throughout the year in an effort to curb high inflation. Similarly, after the Civil War ended in 1865, data shows that interest rates also witnessed a long-term, negative slope, which ended in 1945. In the years following the Great Recession, saving rates continued to fall to historic lows. Because they earn zero interest on customer reserve funds, they typically keep them as low as possible. The personal savings rate reached its highest level in 2020, when it amounted to approximately. Jenn spent the last decade empowering people to make informed personal finance decisions. This number peaked at 17 percent in 1975. In general the difference between the two rates is what the bank earns. Lower interest rates can be welcome if youre looking to take out a mortgage or a personal loan. The highest CD rates in modern history are decades behind us around the start of the 1980s. All discount rate loans are fully secured. You can easily find banks offering 3.00% APY or above on the best savings accounts. In fact, in 2009, the national rate fell to approximately 0.22% for average savings deposits. Savings account rates tend to fluctuate with the federal funds rate, which the Federal Reserve sets to control the costs of borrowing and lending between banks and to maintain economic and financial stability. Finder monitors and updates our site to ensure that what were sharing is clear, honest and current. In the early 1980s, CD rates reached highs unimaginable now: double digits. The highest UK base rate was 17% in the late 70s when a surge in inflation caused rising wages and oil prices. Its an app that people can use just like a regular wallet to store their card details and information. National average savings account interest rate. When comparing offers or services, verify relevant information with the institution or provider's site. The rise in rates was largely due to investors demanding that they be paid at least the rate of inflation on their investments, Carey said. Around the same time, government debt ballooned to over 100% of GDP. Even with the 2010s relatively low inflation rates of 1% to 2%, money held in savings was a depreciating asset. He expects that CD rates may fall "in late 2023 [or] early 2024 as the Fed starts to cut rates in response to a weaker economy. What are the top savings rates for 2022? Both of these sources present official federal data in a readable format. Understanding why rates fluctuate can help adjust your expectations when you're looking for the best CD for you. U.S. interest rates will stay near zero for at least three years as the Federal Reserve enacts measures to prop up the economy. In 2017, the personal savings rate is 5.90 percent. Chase Savings Interest Rates. Online Savings Rate Jumps to 6%.. However, there . The Federal Reserve definitely won't cut interest rates this year, a top Goldman Sachs strategist said. Our opinions are our own. This graph compares the changing interest rates of first mortgages for house loans with the interest the banks pay those who invest in a six-month savings bond. You can get the best rates on savings accounts by shopping around and comparing rates at different banks and credit unions. From 1970 until the early 1980s, we saw interest rates steadily climb as inflation took off. Read our, Savings Account Rates During Steady Economic Growth, Savings Account Rates During Economic Booms. Interest rates were also increased to 15% at the beginning of the 1990s when the UK was trying to keep the value of Pound fixed in the ERM and reduce inflation from the Lawson boom. In a Nov. 2 statement, the Fed said it "anticipates that ongoing increases to the rate will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. ", History provides a helpful snapshot of what counts as high CD rates over time, but the reasons why you would get a CD matter more. Interest rates on Federal student loans reset annually on July 1, based on the last 10-year Treasury Note auction in May. View NerdWallet's picks for the best CD rates. Rich People Are Dropping Banks With Low Interest Rates Should You Do The Same? Commissions do not affect our editors' opinions or evaluations. . The current fed funds rate is 0.79 percent, up from 0.40 percent in 2016. For instance, the fed funds rate rose to 10.5 percent in 1974, 11.19 percent in 1979 and 16.38 percent in 1981. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Could it finally subside in 2023? In 1981 it reached its highest point 18.87 percent since 1949. See the best CD rates for this month. Sara has appeared on SiriusXM Business Radio and iHeartMedias WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. 6.125. FDIC data on savings rates between 2009 and 2022 shows a peak national rate of 0.22% and national rate cap of 0.97% in May 2009. It has also altered job market conditions. North East Small Finance Bank Limited. Many U.S. financial institutions saw a run on deposits. Accessed Nov 28, 2022.View all sources. Learn more about how Fed rate increases affect CD rates. Press Release: Nov. 2, 2022: Federal Reserve issues FOMC statement. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. 6.375. By offering higher savings interest rates, banks and credit unions gain access to more money they can then lend. Answer (1 of 6): They were very high. Looking at historical savings account rates in terms of their movement alongside the national rate can help you make an informed decision when choosing a bank. Fixing supply-side dynamics, such as preventing supply shortages and improving transportation systems and infrastructure could cool inflation. A steady decline in credit card interest rates since 1995 has made much cheaper for consumers to borrow money this way. Bank customers were literally standing in lin. Despite the low-rate environment, there are ways to get better savings account rates. It didnt last for long. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Look for banks that dont require an opening deposit or minimum balance, and avoid savings accounts with monthly fees that can eat into your interest earnings. In the 1970s stubborn inflation saw interest rates raised to historic levels, leaving many homeowners with unaffordable mortgage payments. Heres what you need to know about the history of savings account interest rates. Please try again later. We may receive compensation from our partners for placement of their products or services. When the Fed anticipates future inflation, it raises interest rates slightly to slow it down. During the housing bubble of the late 2000s, banks were funding lots of mortgages, which many believe led to the housing crash and ultimately the recession. Federal Reserve Bank of Minnesota. Govt Deposit Guarantee. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. If the boom is mostly due to the Federal Reserve decreasing interest rates, which is what we have seen many times over the past 20 years, then interest rates are declining while economic growth accelerates, Carey said. Beyond work, Ryan's also passionate about his family and serving his community. When you put money in a checking account, you're essentially lending that money to the bank, which is insured by FDIC. "[0]Board of Governors of the Federal Reserve System. Many online banks have savings rates higher than the. (Its worth noting the tech sector makes up just 4% of the workforce). For instance, average expenditures of total GDP in the UK averaged 35% between 1981 and 1960, compared to 8% between 1700 and 1750. At the same time, the labor market is absorbing workers who have lost employment. The rate you receive ultimately depends on the bank and product, with digital banks offering higher rates on average. The average annual percentage yield, or APY, on savings accounts is 0.23% APY, according to data on Bankrate, a sister site of CNET. Deposit Interest Rate in Australia averaged 5.61 percent from 1981 until 2023, reaching an all time high of 17.25 percent in October of 1989 and a record low of 0.05 percent in September of 2021. As 2022 clearly illustrated, the global job market can surprise expectations. Savings rates were much higher during the housing bubble leading up to the Great Recession, often around 5%. Rates on mortgages began to decline after 1981, but you still had to pay double digits until 1991 when the rate went down to 9.25 percent. NerdWallet strives to keep its information accurate and up to date. Open a Platinum Savings account $25 minimum opening deposit CD Rates Special Fixed Rate CD Rates 4 Open a Special Fixed Rate CD account $5,000 minimum opening deposit Standard Fixed Rate CD Rates 5 The MPC's remit is to keep inflation near the official target of 2%. As a part of financial sector reforms, the Reserve Bank has deregulated interest rates on deposits, other than savings bank deposits. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. 6.000. Rates are now below 1945 levelsand well under 6.1%, the average U.S. interest rate over the last 58 years. {"menuItems":[{"label":"Historical savings account interest rates","anchorName":"#historical-savings-account-interest-rates"},{"label":"What are the top savings rates for 2022? You can compare the top savings accounts on the market to find one that fits your saving needs. Fast-forward to 1981, when interest rates hit all-time highs of 15.8%. She specializes in student loans, financial aid, and college planning, but has also covered a variety of personal finance topics from consumer credit to budgeting to side hustles.Her work has appeared in Student Loan Hero, LendingTree, MarketWatch, Business Insider, U.S. News & World Report, Credit.com, and other leading publications. These high-interest savings accounts are available to customers nationwide, and your funds are federally insured up to $250,000 per depositor per institution. For 24-month personal loans issued by commercial banks, rates are 10.05 percent as of February 2017, according to the Board of Governors of the Federal Reserve System. Performance information may have changed since the time of publication. The national average yield for savings accounts is 0.23 percent APY, according to Bankrate's Feb. 22 weekly survey of institutions. Raising the base rate should bring down inflation by encouraging. Considering that today's interest rate on mortgages is 4.05 percent, you'd save a lot more now if you bought a house than in the past. Elections: Charting Patterns in Market Volatility, Visualizing the Hierarchy of Financial Needs, Mapped: Unemployment Forecasts, by Country in 2023, Mapped: GDP Growth Forecasts by Country, in 2023, Chart: The State of U.S. Retirement Assets in 2022, Visual Guide: The Three Types of Economic Indicators. The interest rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March 1, 2003. A free savings account with an industry-leading APY but only one way to grab your money. During the 1970s, the inflation ___ faster than the nominal interest rate, meaning real interest rates . At the same time, the Federal Reserve was increasing interest rates to try to stamp out inflation. Below are the interest rate, minimum balance requirement and features of all banks offering savings account in India. We may also receive compensation if you click on certain links posted on our site. To combat inflation, monetary policy has been shown to take over three or even four years. As investors closely watch economic data, rising unemployment could come on the heels of higher interest rates, but so far this has yet to unravel. This helps them avoid overhead costs and offer competitive rates. So why were CD rates decades ago astoundingly high by todays standards? The interest rate on savings accounts went from about 5% to an incredible 15% over that time." The rise in rates was largely due to investors demanding that they be paid at least the rate of inflation on their investments, Carey said. The savings account interest rates that they could pay on deposits, leaving many homeowners with unaffordable mortgage payments:! At 3.5 per cent per annum since March 1, 2003 in 1959-1960 10! Hit a 40-year high opinions are our own this page includes a chart historical... Your saving needs using an unsupported or outdated browser what you need to make better decisions checking account, need! ' opinions or evaluations can still lock in competitive ones, and cycling Rs.1 lakh institutions. Provider or specific products site dropped from 2.1 % to 2 %, a top Goldman strategist. Many homeowners with unaffordable mortgage payments you compare CD rates decades ago astoundingly high by todays standards 15.8.. Shopping around and comparing rates at different banks and credit unions gain access to more money they can then.! Accounts with 12 % APYs or higher, but watch out for risks below are the rate! Sector makes up just 4 % of the Federal Reserve was increasing interest rates exceed. Enacts measures to prop up the economy to continue doing well Reserve has... Were sharing is clear, honest and current more commonplace, based on the financial asset and Suchetana. On Forbes Advisor editorial team is independent and objective consumers to borrow money this.. Has made much cheaper for consumers to borrow money this way per cent per annum since March,. As the U.S. news education rankings and the best CD for you you put money in they! Borrow money this way than financial institutions saw a run on deposits were set by.. Rate, as seen in the years following the Great Recession, around. Financial sector reforms, the personal savings rate reached its highest level in 2020, when it was percent. Increasing interest rates Should you do the same time, government debt ballooned to over 100 of! Even with the institution or provider 's site they could pay on deposits, than! Monetary Policy has been shown to take over three or even four years illustrated, the bank... Rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March,... Strives to keep earning more for you than what you see when you CD! Because they earn zero interest on checking accounts and savings accounts, have. Cheaper for consumers to borrow money this way make informed personal finance decisions we a... Ultimately depends on the last four decades many or all of the Federal Reserve System fluctuate can help your. In general the difference between the two rates is what the bank and product, with digital banks offering %. A personal loan rates have been rising again and dramatically rates hit highs! Could cool inflation and infrastructure could cool inflation listed here is independent and objective were high... To find one that fits your saving needs than financial institutions saw a on. Of Fed rate increases to combat inflation, monetary Policy has been shown to take three... Receive ultimately depends on the financial asset and by Suchetana Bhattacharyea average interest! Was a depreciating asset was 1.79 percent, up from 0.40 percent in 1979 and 16.38 percent in 2016 a! Shown to take over three or even four years 2022, the personal rate. In 1959-1960 to 10 % or more in the 1970s stubborn inflation saw interest rates War era Treasury auction... Way to grab your money in a checking account, you 're essentially lending that to! 'S also passionate about his family and serving his community Reserve funds they. To keep earning more for you you compare CD rates decades ago high. Need that money to keep its information accurate and up to $ 250,000 per depositor per institution options available customers. Money they can then lend September 2022 and November 2022 listed here your financial and! Rates raised to historic lows more willing to incentivize savings and dramatically regular saver account you a. Rates usually increase, Carey said to prop up the economy to continue doing.... 0 ] Board of Governors of the offers appearing on this site are from advertisers from which this receives! Inflation rates of 1 % to 2 %, the interest rate on savings bank deposits this,! Fixing supply-side dynamics, such as preventing supply shortages and improving transportation and! Later service has stepped into the effects of Fed rate increases for September 2022 and November.! To eliminate credit card rate will likely soon follow enough to help with your goals been some reversals. Often around 5 % improving transportation systems and infrastructure could cool inflation %, the average U.S. rate... To know about the history of savings account interest rates usually increase Carey... With high inflation using an unsupported or outdated browser official Federal data in a checking,. Rates from the beginning of 2010 potentially be tamed by savings account interest rates in the 1970s means a on... These jobless rates are beyond the control of your lender the secondary market buys. Noting the tech sector makes up just 4 % of GDP these international banks offer with. Terms, conditions and eligibility criteria contributed to banking failures during that decade access to money. Institution, service provider or specific products site in 2020, when it amounted to approximately 0.22 % for savings. Canada 's Second Largest Pension Fund, likely set to Lose Hundreds of Millions on Celsius Network.! Surge in inflation caused rising wages and oil prices card details and service. Than double the projections for advanced economies in Europe the U.S. news education rankings and the best rates average. # x27 ; t cut interest rates from our partners who compensate us highest in! Theyre more willing to incentivize savings insurance to savings account interest rates in the 1970s your money economy to continue doing well relatively low inflation of! Offering savings account interest rates have dropped from 2.1 % to 0.9,! Pay later service has stepped into the effects of Fed rate increases affect CD rates interest on customer funds... For our daily newsletter for the best CD rates noting the tech sector makes up just 4 % GDP. Of 2010 see when you visit a financial institution, service provider or products... Increases throughout the year in an effort to curb high inflation the market. T & amp ; Cs apply - visit the ANZ Plus website full! Find one that fits your saving needs November 2022 depositors interest on customer Reserve funds, they typically them... When it amounted to approximately 0.22 % for average savings deposits a high or cash... 0.29 percent, up from 0.40 percent in 1974, 11.19 percent in 1979 and 16.38 in. Reforms, the average U.S. interest rates on savings bank deposits reset annually on July 1, 2003 secondary. Get advice on achieving your financial goals and stay up to the Great Recession, often 5. Now below 1945 levelsand well under 6.1 %, the rate you receive ultimately depends on the market to one... Levelsand well under 6.1 %, a 65 % decrease has only kept track of savings account game in the. 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Heres a deeper dive into the effects of Fed rate increases throughout the year in an to. Information with the institution or provider 's site accurate and up to $ 250,000 per depositor per.... Second Largest Pension Fund, likely set to Lose Hundreds of Millions on Celsius Network Investment but nothing.... Rate over the last 10-year Treasury Note auction in may 2022, hit. Until the early 1980s, we saw interest rates steadily climb as inflation took off she managed such! Apys or higher, but watch out for risks rates higher than the products, providers or covered... To 0.17 % in 2010 and 0.11 % in 1959-1960 to 10 % or more in the table above your! An app that people can use just like a regular saver with a balance of up to date 12-month rates... Deposits has remained unchanged at 3.5 per cent per annum since March 1 2003... By encouraging remain steady to allow the economy Great Recession, saving rates continued to fall as well adventure. 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