Readers: Last week a reader complained about the interest rates being given to savers by Chase. I said that Chase didn’t get back to me when I inquired about its rates.
It turns out Chase did respond, but I didn’t see the e-mail it sent me. So here is the bank’s answer in full:
Even though interest rates are slightly higher, they’re still very low relative to where they’d been historically. For context, the JPMorgan Chase prime rate tied to credit cards and mortgages is at 4.5 percent, compared with 8.25 percent in 1998.
Until they reach more normalized levels, we’re going to remain conservative on savings rates.
We do anticipate that savings rates across the industry will go up once the Fed reaches a more normal level.
More importantly, customers aren’t banking with us for deposit rates.
They’re banking with us for our convenient branch network, digital offerings and security.