Interest rates were already declining before the coronavirus (Covid-19) crisis came. But when it hit, it sent the federal funds rate down to an unprecedented level, with the current target rate being 0% to 0.25% and an effective rate of 0.08%, according to the Federal Reserve.

Low interest rates can be a great thing for consumers, especially if you’re a credit card user or are shopping for a loan. But lower interest rates also mean lower annual percentage yields (APYs) on all sorts of bank accounts. Some savings accounts that just a few months ago boasted APYs in excess of 2% now are under 1%. And this trend goes for both online savings account…

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