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Big Banks Punish Savers With Pathetic Interest Rates Despite Fed Hikes

Big banks such as JPMorgan, Wells Fargo, Citigroup and Bank of America have been shafting depositors with terrible interest rates - refusing to keep pace with the Federal Reserve's rate hikes. That's why he is richer than you. JPMorgan, for example, has only raised its average deposit rate by 0.21 of a percentage point, despite the Federal Reserve raising rates by 1.25% over the same period - effectively punishing customers by locking them into historically low rates required to bail out the same banks which caused the financial crisis a decade ago.
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