Interest Rates On Savings Accounts Are Pathetic. Here's Why You Should Still Have One

In response to the COVID-19 pandemic, the US Federal Reserve has lowered the federal funds rate.

According to Business Insider, that means high-yield savings account rates are going down, too.

In fact, nearly all high-yield savings accounts are decreasing their interest rates in 2020.

Consumers may wonder, why even bother with putting money into a savings account?

Even with lower rates, high-yield savings accounts earn more than checking and regular savings accounts.