There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them.
The APY my bank offers is one basis point. That's $1 per year for every $10k held in the account. You can imagine that if I suddenly found $100k burning a hole in my pocket I would not immediately think "Sweet! All I have to do is stuff that it the bank for a year and then I can almost afford an entire movie ticket!"
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There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them.
The APY my bank offers is one basis point. That's $1 per year for every $10k held in the account. You can imagine that if I suddenly found $100k burning a hole in my pocket I would not immediately think "Sweet! All I have to do is stuff that it the bank for a year and then I can almost afford an entire movie ticket!"