The Deutsche Bank (DE:DBKGn) Trust Company Americas (DBTCA) increased the rate to 3.50% from 3.25%, effective Thursday, the bank said.
On Wednesday, Citigroup Inc (NYSE:C), Wells Fargo (NYSE:WFC) & Co, JPMorgan Chase & Co (NYSE:JPM) and Bank of America Corp (NYSE:BAC) each lifted their base rates to 3.5% from 3.25%.
The U.S. central bank, looking to counter economic risks posed by excessive inflation, raised its benchmark rate by a quarter of a percentage point on Wednesday.
Banks, which make money on the difference between what they earn from lending and pay out on deposits and other funds, typically thrive in a high interest rate environment.
Source: Economy - investing.com
