Deposit costs at the largest US banks rose more than interest revenue last quarter for the first time since the Federal Reserve began raising rates two years ago, as savers demanded lenders share the benefits.
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Banks pay savers more as ‘higher-for-longer’ rates hit interest income
“Traditionally, the way it has worked is that your deposit base usually came from your same metropolitan area. But in today’s environment, the vast majority of deposit rates are advertised to a much wider audience than they used to be.”
