5 ms·
> Accounts are eligible to receive interest on balances. The interest rate is the Federal Funds Target Rate less 50 basis points with a floor of 0%. Target rat
by chadash 4y ago
> Accounts are eligible to receive interest on balances. The interest rate is the Federal Funds Target Rate less 50 basis points with a floor of 0%.
Target rate right now is 2.25-2.50%, so i'm guessing that you are subtracting 50 BP from the lower end, so that's 1.75%. That's actually pretty good for a bank right now (not the highest, but certainly on the higher end.
One thing that's unclear... is this a checking account, savings, etc.?