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If your interest bearing accounts were down for the year, wouldn't it behoove someone for them to cash out all of their money and report a capital loss? Then of course immediately re-deposit their savings, or am I missing something?
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What "interest bearing account" is down for the year? Savings accounts and bank CDs are not securities and do not generate capital gains or losses, and should not be down for the year. Individual bonds could have a capital loss, but in general they are not down for the year.
If you have real estate stocks, they could be down for the year, and you may consider them "income bearing accounts" although it's not completely accurate.
If you sell a security for a loss, you would get a deductible capital loss. If you immediately re-purchase the same security (or even "substantially identical" security), the loss is considered a
wash sale, and you cannot claim the loss. This is true if you buy the same security 30 days before or 30 days after the sale.
-Tom