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FOSTER CITY, Calif., Jan. 27, 2021 /PRNewswire/ -- Leading personal finance site MoneyRates.com releases its survey of America's Best Rates for the fourth quarter of 2020. The analysis shows savings and money market rates plummeted to historic lows, as did rates for 1-year and 5-year CDs, during this quarter. The average rates are at the lowest levels ever recorded in this survey.
Consumers have been hit hard financially by the effects of COVID-19, with a direct shot at the bank accounts of Americans, whose average savings account earnings plunged by 66% in the past year.
"American consumer bank accounts have been among COVID-19's financial victims," explains MoneyRates' spokesperson and financial analyst Richard Barrington. "This is a hardship for retirees who depend on their savings for income, and also hampers the efforts of workers trying to sock money away for retirement."