Fed Rate Decisions and Your Savings Rates
Every recent Federal Reserve rate decision, what it means for high yield savings and CD rates, and what banks actually did, checked at each bank’s own website.
The Fed’s target range for the federal funds rate is 3.75% to 4.00%. The Fed held it there on Oct 28, 2026, after raising it on Sep 16, 2026. The next decision is Dec 9, 2026. Savings rates are variable and usually follow the Fed: today the top savings account we track with no monthly rules, Pibank Savings, pays 4.40% APY (as of Oct 21, 2026), against an FDIC national average of 0.38%.
Recent Fed rate decisions
| Effective date | Decision | Federal funds target range |
|---|---|---|
| Sep 18, 2025 | Cut 0.25 point | 4.00% to 4.25% |
| Oct 30, 2025 | Cut 0.25 point | 3.75% to 4.00% |
| Dec 11, 2025 | Cut 0.25 point | 3.50% to 3.75% |
| Sep 17, 2026 | Raised 0.25 point | 3.75% to 4.00% |
| Oct 28, 2026 | Held (vote 10 to 2) | 3.75% to 4.00% |
From the Federal Reserve’s open market operations table (effective dates, the day after each announcement) and FOMC statements, checked Oct 27, 2026.
Upcoming Fed meetings
| Meeting | Decision announced |
|---|---|
| Dec 8 to 9, 2026 | Dec 9, 2:00pm ET |
| Jan 26 to 27, 2027 | Jan 27 (tentative) |
| Mar 16 to 17, 2027 | Mar 17 (tentative) |
From the Federal Reserve’s FOMC calendar, checked Oct 27, 2026. The Fed marks 2027 dates as tentative.
How Fed decisions affect savings and CD rates
- Savings and money market rates are variable, so banks can raise or cut them at any time after a Fed move, and some move before it.
- New CD rates follow expectations for future Fed moves; once you open a CD, its rate is fixed for the term.
- Checking accounts rarely change much; most pay little interest whatever the Fed does.
What banks are doing
In the last 30 days we logged 59 rate changes at 12 banks: 56 increases and 3 cuts. The latest: Capital One raised its 11 month 360 CD rate from 4.40% to 4.50% APY (Oct 27, 2026). See every change, with the date each bank gives, on our rate history tracker.
Latest decision coverage
Today’s top rates
| APY | Where | |
|---|---|---|
| Top savings account with no monthly rules | 4.40% | Pibank Savings |
| Best CD rate we track | 5.00% | Sallie Mae Bank CDs |
| FDIC national average savings rate | 0.38% | FDIC, Oct 19, 2026 |
Live from our checks at each bank’s website. Compare all accounts on our best high yield savings accounts and best CD rates pages.
Frequently asked questions
What is the Fed’s interest rate right now?
The federal funds target range is 3.75% to 4.00%, set on Sep 16, 2026 and effective Sep 17, 2026.
When is the next Fed meeting?
Oct 27 to 28, 2026, with the decision at 2:00pm ET on Oct 28, then Dec 8 to 9, 2026.
Do savings rates go up when the Fed raises rates?
Usually, but not right away and not at every bank. Savings rates are variable, and banks set them on their own schedule.
Does the Fed set CD rates?
No. Banks set their own CD rates. New CD rates tend to move with what markets expect the Fed to do next.