The Federal Reserve is likely to raise interest rates for the first time since 2023, which could benefit savers by increasing returns on certain savings accounts. A potential 25-basis-point hike would not help borrowers facing high costs on loans and credit cards, but it could enhance the advantages for savers who choose the right accounts. High-yield savings accounts, offering rates around 4.10%, are particularly appealing as they are variable and may increase with the Fed’s rate hike. These accounts are often available online, providing a potentially higher return than traditional bank branches. Savers should research their options to maximize their earnings in this changing economic environment.
QUESTION: How might the potential increase in interest rates influence your decisions about saving or borrowing money in the future?
2 savings accounts to consider if the Fed raises rates this September (and one to avoid)
