Big depositors’ interest rate gains don’t trickle down

Written by Miami Today on August 22, 2017

Though the Federal Reserve has nudged the prime rate up gradually, with three small hikes since December, average holders of interest-bearing accounts shouldn’t expect to reap higher returns anytime soon, observers say.

Though the rate increase hasn’t trickled down to grassroots accountholders, three large banks increased rates to their largest commercial depositors and high net-worth individuals in this year’s second quarter, said Adam Ingles, director of the regulatory risk solutions group of the Morrison, Brown, Argiz & Farra accounting firm in Miami…To read the full story click here