As the Fed Increases Rates, Will Savings Rate Follow Suit?
Last Wednesday, the Federal Reserve raised the Federal Funds Rate by .25%, in a move largely anticipated by many. In that same meeting, they announced that there would likely be upwards of 6-8 future increases this year.
While this will certainly bump up mortgage and auto loan rates, are the rates of personal savings and checking accounts going up as well? Given the rock-bottom rates we have currently, it would be a welcome change. Check it all out below!