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The Best Bank for You, 2020

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If you’re in the market for a new bank, your priorities may be shifting as the U.S. faces a recession and grapples with the continuing effects of the coronavirus pandemic. The interest paid on bank accounts has declined sharply since the Federal Reserve slashed short-term rates earlier this year. At the same time, the personal savings rate among consumers hit a record 33% in April, according to the U.S. Bureau of Economic Analysis, and bank deposits are on the rise.

Another change: Going to a branch is less than desirable when social distancing is the norm. Branch visits in many areas were down by 30% to 40% this spring, according to research firm Novantas, and many banks closed their lobbies or reduced hours to minimize the spread of COVID-19. Only 45% of customers expect to go back to their regular branch activities after social distancing ends, according to a Novantas survey. As Americans began receiving government stimulus checks in April, new registrations for bank mobile apps increased by about 200%, and bank app usage more than doubled at one point, according to financial-technology company FIS.

Read the article on Kiplinger

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