Why are savings account interest rates still so low?

When short term rates move up, banks and credit unions typically lag the market on the interest rates they pay. To get the best rates on short term investments, you should look at “Money market” accounts. They pay better rates at this time in the interest rate cycle. For instance EBAY has a money market account through its Paypal division that right now pays 5.03% interest. Minimum balance required is $1. If you are interested Google “Paypal rate” Good luck!