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What Fed Rate Increases in 2023 Mean for Savings Accounts? Advertiser Disclosure You’re our top priority. Each every time. We believe everyone should be able to make sound financial decisions with confidence. While our website doesn’t include every financial or company product that is available, we’re proud that the guidance we offer, the information we provide as well as the tools we design are independent, objective easy to use and free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and where those products appear on our website), but it doesn’t affect our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. . What Fed Rate increases in 2023 mean for Savings Accounts Interest rates for high-yield savings account in 2023 are likely to rise, but not as fast or as fast as they did the year prior. By Margarette Burnette Senior Writer Savings accounts as well as money market accounts bank accounts Margarette Burnette is a savings specialist who has written about bank accounts from before even the Great Recession. Her work has been published in various major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, and Parenting. She is located close to Atlanta, Georgia. Feb 2 2023, 2023 Edited by Yuliya Goldshteyn Assistant Assigning Banking Yuliya Goldshteyn works as a banking editor at NerdWallet. She was previously an editor, writer , and research analyst in various industries that range from health care as well as market research. She graduated with a bachelor’s degree in history at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. She can be reached via

. A majority or all of the items featured here come from our partners, who pay us. This impacts the types of products we write about and the location and manner in which the product appears on a page. However, this doesn’t affect our assessments. Our views are our own. Here is a list of and . It’s 2023 and there’s a new Federal Reserve rate. Federal Reserve just announced a Federal funds rate range rise of 0.25%. This follows seven rate hikes in 2022. This raises the target rate range up to 4.5%-4.75 percentage. The increase is lower than the more dramatic changes expected in 2022. However, another increase means rates are at their highest level since 2007, which was when the rate last hit 4.75 percent. All of the recent rate increases result in loans and credit card balances are more costly. But if you have the option of a savings account or Certificate of Deposit, then you could profit. Let’s take a look at what the latest rate increase could mean for savings accounts in 2023. Savings accounts: 3% APY or higher In early 2022, some of the top savings accounts earned only 0.50% annual percent yield. Today, the best savings accounts and several of the most popular high yield savings accounts, are paying 4% APR. That’s a large jump for one year. The most recent announcement states a smaller increase compared to most of the 2022 rate hikes, don’t be expecting to see APYs that are nearly 8 times more. But, you could see yields that edge a little higher, and more accounts may achieve the 4% level. Pay attention to high-yield online savings accounts in particular, which are likely to have the highest rates. On the other hand, savings accounts at a handful of the biggest national banks are charged 0.01 percent, despite several federal fund rate increases in the last year. These rates lag behind the national average savings rate, which is 0.33% at the time of writing on January 17, 2023, in accordance with the Federal Deposit Insurance Corp. If you have your savings account that is earning a subpar rate, it could be worthwhile to look for a savings plan that pays 3%-4% annual percentage. Save for the future One of the main reasons why that the Federal Reserve has been increasing rates is because it wants to combat inflation. Its efforts from last year seem to be paying off. Based on the U.S. Bureau of Labor Statistics consumers price index, frequently used to gauge the rate of inflation, grew 6.5% year over year through December of 2022. That figure, while relatively high compared to previous years, is less than it was earlier that summer that year, when it was reported that the CPI was 9.1 percent year-over-year during June of 2022. If inflation falls in the Federal Reserve target range in the future, rate hikes could come to an end. That’s a reason to build up an in a high-yield account now. There is no way to predict the future however having a solid savings account can prepare for a financial storm. It’s best to have between three and six months’ worth your expenses in savings although that’s a significant amount. If you don’t have as much in savings You can build it up over time in increments that work for you. Imagine you receive a check every two weeks and can save 50 dollars each payday. You’ll have over $600 saved up within six months. This could help you in an emergency. Placing that money in an account that has a high rate will help you increase your funds. The difference a high-yielding savings account makes Where you keep your savings can have an effect on the balance. If you placed your emergency savings of $600 into a savings account that earns a 0.01% APY like that provided by a number of the biggest national banks, and didn’t make any further deposits, the account would earn an average of just 6 cents after a year. If that money were in a high-yield savings account with a 4.00% APY even if you didn’t make any additional deposits the balance would increase in excess of $24 during that same time period. It’s a huge gain just by picking a more efficient savings account. You can do your own calculations with NerdWallet’s calculators to see what your savings can be earning. Fed rate increases are continuing through 2023- so far. Make the most of it of this by investing your funds in a savings account with a high yield. You’ll earn better rates than a standard savings account, and you will be more prepared for whatever financial situations occur. Author bio Margarette Burnette is an account savings specialist at NerdWallet. Her work has been featured in USA Today and The Associated Press. In a similar vein… Get better rates as rates increase, take a look at our recommendations for the top high yield account for savings online. Dive even deeper in Banking . Make smarter money-related moves delivered straight to your inbox. Sign up and we’ll email you Nerdy posts on money-related topics that are important to you and other strategies to get the most from your savings. Make the right financial moves

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