Over the past month or so, you may have noticed that your Animal Crossing: New Horizons interest rates seem to be a bit lower than normal. Unfortunately, it looks like the Bank of Nook is struggling financially and is having to make some cuts at the islander's expense. So, what is the new interest rate in Animal Crossing: New Horizons and why was it cut in the first place?

What Is the Animal Crossing: New Horizons Interest Rate?

If you’ve been playing New Horizons over the past few months, you may have noticed that at the end of the month, you’re given a little bit of money from the Bank of Nook based on how many Bells you have in the bank. This is all thanks to the Animal Crossing: New Horizons interest rate. Much like the real world, the more money you keep in the bank, the more interest you can earn.

However, in April 2020, the Bank of Nook informed its members that its interest rates had dropped from 0.5% to %0.05. With the old interest rate, if you had 1,000,000 Bells in the bank, you’d have earned 5,000 Bells at the end of the month. However, with the new Animal Crossing: New Horizons interest rates, players with 1,000,000 Bells in the bank will earn 500 Bells at the end of the month. Further, there is also a 9,999 interest cap per month. Ouch!

It’s unclear why Nintendo elected to place a new Animal Crossing: New Horizons interest rate on the Bank of Nook, but it seems likely that it has to do with the time travel glitch. If you’re not familiar with this trick, let us explain. Basically, you can turn your Switch offline, change the date and time in your settings to a future date, and then can re-load New Horizons and collect on future interest rates. Pretty neat, huh? 

Related: How to Store Turnips

Another reason could be the turnip black market, which has people doing some crazy stuff to find the best price for their vegetables. It seems that Nintendo has grown tired of seeing players cheat the system and farm an infinite number of Bells and is attempting to do something about it. However, both of the tricks mentioned above still work, they’re just not as profitable as they used to be. 

If you need to earn some extra Bells, you can always catch and sell creatures you’ve found on the island. There is a fresh lot of fish and bugs that have appeared in New Horizons in June that are just waiting to be caught. Among the most valuable is the Great White Shark and the Whale Shark, which are both worth over 10k Bells individually. However, as you’re probably aware, sometimes it can be hard to catch these elusive creatures.

If you need help earning some extra Bells, be sure to check out some of our other guides that will explain how to catch different creatures on your island:

What do you think about the new interest rate in New Horizons? Let us know on Twitter or Facebook!