Checking Out That Rising Interest Rate Environment (Musical Tribute)

The following chart shows total checkable deposits.


Click to enlarge.

Based on the chart, which is the better question:

1. When will banks need to raise interest rates to attract checking deposits?

2. When will banks require you to give them a toaster if you wish to open a new checking account?

Those anxiously awaiting higher interest rates on their checking accounts may be sorely disappointed. Mine pays 0.04%. I am earning roughly 3 cents per month per thousand dollars. I try not to spend it all in the same place, but I admit that it does tend to burn a hole in my pocket.



Source Data:
St. Louis Fed: Total Checkable Deposits