Savings account rates may not increase as quickly as they have been over the past year after the Fed’s decision not to raise rates.
Can savings rates continue to rise without Federal Reserve action? Fed officials concluded a two-day meeting Wednesday and decided not to raise the federal funds rate, breaking a streak of 10 consecutive increases that started in March 2022. The target range remains 5% to 5.25%.
As of May 15, 2023, the FDIC national average savings rate is 0.40%, and some of the best savings accounts earnBut what should savers expect now that Fed officials have paused their increases? Read on to learn more about how the Fed and the federal funds rate could affect your savings rate.It might. Rates certainly won’t increase as sharply as they have in the past year, but you might still see a small increase.
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