Among J.P. Morgan's myriad consumer accounts, one number is almost everywhere: 0.01%. Whether you're saving $5 or $500,000, the interest rate on Chase Sapphire, Chase Premier Plus, and Chase Private Client checking accounts is only 0.01%. The same goes for savings account interest rates. The so-called “relationship interest rate” is only 0.02%. J.P. Morgan reported a decline in net interest income for the first quarter compared to the last three months of 2023, the first month-on-month decline in 11 quarters. Wells Fargo reported net interest revenue that fell short of analysts' expectations. Both banks mentioned that increased interest expenses on deposits offset the benefits of higher interest rates on loans. This problem has actually quietly surfaced since the Federal Reserve began raising interest rates; it has only recently affected Wall Street profits. Americans are using cash more smartly.

Among J.P. Morgan's myriad consumer accounts, one number is almost everywhere: 0.01%. Whether you're saving $5 or $500,000, the interest rate on Chase Sapphire, Chase Premier Plus, and Chase Private Client checking accounts is only 0.01%. The same goes for savings account interest rates. The so-called “relationship interest rate” is only 0.02%. J.P. Morgan reported a decline in net interest income for the first quarter compared to the last three months of 2023, the first month-on-month decline in 11 quarters. Wells Fargo reported net interest revenue that fell short of analysts' expectations. Both banks mentioned that increased interest expenses on deposits offset the benefits of higher interest rates on loans. This problem has actually quietly surfaced since the Federal Reserve began raising interest rates; it has only recently affected Wall Street profits. Americans are using cash more smartly.