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What will the Fed Rate increases in 2023 will mean for Savings Accounts? Advertiser disclosure We’re your top priority. Each day. We believe everyone should be able to make sound financial decisions with confidence. And while our site doesn’t include every financial or company product that is available We’re pleased that the advice we provide and the information we offer and the tools we create are independent, objective easy to use and completely free. How do we make money? Our partners pay us. This can influence the products we write about (and the way they appear on our website) However, it in no way affects our suggestions or recommendations that are based on many hours of research. Our partners do not be paid to ensure positive ratings of their goods or services. . What Fed Rate increases in 2023 mean for Savings Savings accounts Interest rates for high-yield savings accounts in 2023 are likely to increase, though not as quickly or as fast as they did the previous year. By Margarette Burnette Savings accounts as well as money market accounts banking Margarette Burnette is a savings expert who has been writing about bank accounts since prior to the Great Recession. Her work has been featured in various major newspapers. Prior to joining NerdWallet, Margarette was a freelance journalist who had bylines in magazines like Good Housekeeping, and Parenting. She is located close to Atlanta, Georgia. Feb 2 2023, 2023 Edited by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn is a bank editor for NerdWallet. She previously worked as an editor, writer , and research analyst in industries ranging from health care as well as market research. She graduated with a bachelor’s degree in history at the University of California, Berkeley and a master’s in social sciences from the University of Chicago. You can reach her at

. Many or all of the items featured here come from our partners who pay us. This influences which products we write about and where and how the product appears on the page. But, it doesn’t affect our opinions. Our opinions are entirely our own. Here’s a list of and . It’s 2023 and the Federal Reserve just announced a Federal funds rate range rise of 0.25 percent. This comes after seven rate increases in 2022. The increase has brought the target funds rate range up to 4.5%-4.75%. The increase is lower than some of the steep changes in 2022, but another increase means rates are at their highest level since 2007, when the rate last reached 4.75%. All of the recent rate increases mean loans and credit card balances are more expensive. However, if you own the option of a savings account or certificate of deposit, you may gain. Here’s a look at what the latest rate increase could mean for savings accounts in 2023. Savings accounts: 3% APY or higher In early 2022, the top savings accounts earned only 0.50 percent annual percent yield. Today, the top savings accounts , and some of the best high-yield savings accounts are at 4.4% APR. That’s a large jump for one year. Since the latest announcement reveals less of an increase than the majority of 2022’s rate bumps, don’t expect to see APYs that are nearly 8 times more. But, you could see yields that edge upwards and more accounts may achieve the 4% level. Be on the lookout for high-yielding savings accounts on the internet specifically, as they tend to offer some of the most lucrative rates. However, savings accounts offered by a few of the largest national banks offer rates of 0.01%, in spite of the several federal fund rate increases last year. These rates are lower than the average national savings rate, which was 0.33 percent on January 17, 2023 in accordance with the Federal Deposit Insurance Corp. If you have an account for savings that has an unsatisfactory rate you could make it worthwhile to look for a savings plan that earns 3%-4% APY. You can save for the future One of the reasons the Federal Reserve has been increasing rates is that it wants to tackle inflation. Efforts from last year seem to be working. According to The U.S. Bureau of Labor Statistics consumers price index (CPI), which is commonly used to measure of inflation, increased 6.5 percent year-over-year during the month of December. That figure, while relatively excessive compared to the previous years, is less than it was earlier that summer in the summer of 2022, where CPI was 9.1%. CPI was 9.1 percent year-over-year in June 2022. If inflation stays inside the Federal Reserve target range in the coming months, rate increases might come to an be put on hold. This is a good reason to build up an in a high-yield account now. No one can predict the future however having a solid savings account can prepare you for financial storm. It’s ideal to have between three and six months’ worth of expenses saved up although that’s a significant amount. Even if you’re not having as much saved up just yet it is possible to accumulate it gradually in amounts that are feasible for you. If you get a pay check twice a month and are able to put away 50 dollars each payday. There will be more than 600 dollars saved in six months. That could help you in an crisis. Putting that cash in an account with a high rate will help you increase your funds. The difference a high-yield savings account makes Where you store your savings could impact your balance. If you place your emergency funds of $600 into an account with a 0.01 percent APY, similar to those provided by a number of the nation’s largest banks, and you didn’t make any other deposits, the account would earn the sum of 6 cents over the course of a year. But if that money was in a high-yield savings account that earns a 4.00% annual percentage rate even if you did not make any further deposits the balance would increase by more than $24 in the same time. That’s a gain for simply choosing a better savings account. You can try your own calculations using NerdWallet’s calculators to see what your savings might earn. Fed rate increases will continue until 2023 — so far. Take advantage by storing your cash in a high-yielding savings account. You’ll earn higher rates than a standard savings account and can be better prepared for any financial situation that may come your way. About the author: Margarette Burnette is an account savings specialist at NerdWallet. She has had her work highlighted by USA Today and The Associated Press. In a similar vein… Enjoy better rates when rates increase, take a look at our picks for the best high-yield account for savings online. Dive even deeper in banking. Get smarter money-making strategies — right to your inbox. Sign-up and we’ll send you Nerdy articles on money-related topics that matter most to you as well as other methods to help you get more from your savings. Make the right financial moves

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