The Fed has raised rates 11 times since March 2022 to fight inflation. Banks also raise savings rates to remain competitive and attract new customers to boost their cash flow. When the federal funds rate increases, banks tend to pass along this increase to customers in the form of higher interest rates on consumer products like credit cards, loans and savings accounts. This is a rate set by the Fed that determines how much banks charge each other to borrow and lend money. Savings rates remain high leading up to next week’s Fed meetingīanks typically base their savings rates on the federal funds rate. 5, 2023, based on the banks we track at CNET. Here are some of the top savings account APYs available right now: Bank
