<prompt> Human: What exactly needs to happen for banks to be able to give higher interest rates on savings accounts? Does the Federal Reserve control the number somehow?  <response>: If other nations who have done what the US is doing are any indications, never.The problem is, unless you have a HUGE recovery, upping the interest rate is going to take the wind out of the sails of the economy in a hurry. Japan went to ZIRP a while back, theyre still on one. The FED commited to ZIRP until 2014 -- my guess is, this is the new normal. 