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Fed Rate Hike: What It Means for Your Savings
Original: The Fed Raised Rates Again. Here’s What That Actually Means for Your Savings Account
The Federal Reserve has raised interest rates once again, and financial media are walking savers through the practical consequences. Higher benchmark rates typically push up yields on savings accounts, money market funds and certificates of deposit, while also raising borrowing costs on credit cards, loans and mortgages. Personal finance outlets are advising depositors to shop around, since big banks often pass on rate hikes to savers more slowly than online banks do.
Why now: Consumers want to know how the Fed's latest rate increase affects the returns on their deposits and their cost of borrowing.
Evidence
- The Fed Raised Rates Again. Here’s What That Actually Means for Your Savings Account · 24/7 Wall St.
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