We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
Recently, the Federal Reserve Bank cut its benchmark federal funds rate by 1 percent in an effort to stimulate the economy as it takes a major hit from the coronavirus pandemic. The decrease was the central bank’s second emergency rate cut in a month.
When the Fed cuts interest rates, consumers usually earn less interest on their savings. Banks will typically lower rates paid on cash held in bank certificates of deposits, money market accounts, and regular savings accounts.