The positive signs for the economy are that U.S. consumer spending is increasing and savings are growing, says the report. Bank of America CEO Brian Moynihan.

Moynihan said Wednesday to Jim Cramer at CNBC that Bank of America’s cards have seen a 20% increase in spending compared to last year.

Moynihan stated that “when you look at core spending levels, consumers continue to be very powerful.” January is up almost 15 to 20% [from a year earlier]We’re continuing to see that trend into February.”

After only Bank of America, Bank of America ranks second in U.S. banks by assets. JPMorgan Chase. Moynihan has unique relationships with U.S. businesses, families and individuals.

Moynihan stated that although there were concerns that balances in consumer bank accounts would plummet after the end of government stimulus programs, this has not been the case. According to Moynihan, balances have increased over the last six- or seven months.

Moynihan stated that the second is that customers have more money in accounts. So in January, their accounts increased again, particularly for those with lower balances.

Moynihan claimed that his bank would be able to produce more earnings with a rising interest rate environment. Next month, the Federal Reserve will likely increase its benchmark rate.

This interview was a comprehensive one that covered technology investments at the bank. Bank of America reported that 16 million Zelle users were active as of November. Zelle transactions last year exceeded paper checks for first time.

The story is still in development. Keep checking back for more updates.