Understanding the High Savings Rates Environment

In this episode of Small Talks for Big Change, Michele Enriquez, the Membership Development Manager at Patelco Credit Union, interviews Walid Hissen, Vice President of Deposits for Patelco Credit Union. Walid discusses the current savings rate environment and explains why rates on deposits are high while rates on loans are also high. He highlights the impact of inflation on the economy and how the Federal Reserve uses the discount rate to control it. He also explains the significance of certificate of deposit (CD) and why it is a good option for savings in the current market. Walid stresses the importance of financial education, especially in the current market where the high rates may lead consumers to make uninformed decisions. The episode concludes with Walid's advice on the best savings instrument to use, based on the individual's financial goals and situation.