Banking
How the Federal Reserve impacts savings account interest rates
4 min read
Borrowing costs are at a 23-year high thanks to the Federal Reserve's rapid rate hikes. Stay informed on what to do with your wallet.
“The Fed will want some more time to evaluate the progress on inflation before hinting as to when rate cuts may begin.”
Every time the Federal Reserve adjusts interest rates, borrowing and savings rates move in lockstep. Compare Bankrate data to see how the latest Fed decision is impacting rates on key consumer products.
Our expert reporters and editors bring the news and analysis you need—backed by data and firsthand experience.
About BankrateChief Financial Analyst
Principal U.S. Economy Reporter
Senior Economic Analyst