New research shows Americans are keeping more money in interest-bearing accounts, even as prices remain high. A report from JPMorgan Chase analyzing 4.5 million accounts found that overall cash balances are up — a sign of how higher interest rates are influencing personal finance habits.

"It's not a surprise," said Steve Wyett, chief investment strategist at BOK Financial. "The economy is bigger, and there's more cash in the banking system overall."

Wyett said higher interest rates are now benefiting savers after years of near-zero returns. "We went through a 15-year period where it didn’t matter what you did with your money," he said. "Now it matters."

Why People Are Saving More

Wyett noted that saving patterns differ depending on income levels. While inflation has driven up costs, in

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