If savings accounts paid the same as the Fed funds rate it wouldn’t accomplish the demand destruction they’re aiming for

Banks making money on the spread for profit and to cover their fractional reserves.

Looks like my savings account missed the memo about interest rates going up...1%? Might as well bury my money in the backyard and hope it grows into a money tree 🌳🤑

Banks are not lacking money they don’t have incentive to raise the saving rates.

Their target customer doesn't really respond rationally to incentives (else they wouldn't use an account that's pretty much guaranteed to lose money in real terms)

I can get more than 1% here (UK)

Hello sir this is Justin Trudeau please cease immediately from asking this question or we will freeze your bank account. Thank you four compliance return to your pod and stop these though crimes.

If your bank isn’t paying you at least 3.5% in a high yield savings account, find a new bank. Ally & synchrony have high yield savings accounts near 4%

You can also purchase short term CDs/treasuries in a brokerage account for close to 5%