Are Rising Interest Rates Going to Propel Neobanks?

This story was originally published on HackerNoon at: https://hackernoon.com/are-rising-interest-rates-going-to-propel-neobanks. For two years between 2020 and 2022, the US Federal Funds rate was 0.25%. Check more stories related to finance at: https://hackernoon.com/c/finance. You can also check exclusive content about #neobanking, #interest-rate, #money-transfers, #finance-and-banking, #finance, #banking, #hackernoon-top-story, #neobanks, #hackernoon-es, #hackernoon-hi, #hackernoon-zh, #hackernoon-vi, #hackernoon-fr, #hackernoon-pt, #hackernoon-ja, and more. This story was written by: @adamame. Learn more about this writer by checking @adamame's about page, and for more stories, please visit hackernoon.com. Neobanks are a fintech bank that focuses on its software and apps to streamline a more modern online banking experience. Average interest rates among high street banks in the US are around 3%. The last time the US Fed Funds Rate was this high was in 2008, a time when neobanks didn’t really exist. The search for “best savings account” has gone up by 300% in volume on Google in the U.S. Since then, they only have around 8% market share for current accounts in the UK.