PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiIHNyYz1odHRwczovL3N0YXRpYy5teWZpbmFuY2UuY29tL3dpZGdldC9teUZpbmFuY2Vfdmlld3BvcnRfZGV0ZWN0aW9uLmpzPjwvc2NyaXB0PjxzY3JpcHQgYXN5bmMgdHlwZT0idGV4dC9qYXZhc2NyaXB0Ij5teWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMScpO215ZmlXYXRjaFdpZGdldCgnbXlmaVdpZGdldF8xLjEnKTs8L3NjcmlwdD4=Jill Slattery is the VP of Content for the Hearst E-Commerce team. She previously served as the Chief Content Officer of Livingly Media. Email her at jill.slattery@hearst.com. Lauren Williamson is the Financial and Home Services Editor for the Hearst E-Commerce team. She previously served as Senior Editor at Chicago magazine, where she led coverage of real estate and business, and before that reported on regulatory law and financial reform for a magazine geared toward in-house attorneys. You can reach her at lauren.williamson@hearst.com.Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. This may influence which products we write about and where those products appear on the site, but it does not affect our recommendations or advice, which are grounded in research.Mobile app users, click here for the best viewing experience. Just as analysts predicted, the Federal Reserve raised interest rates by another quarter point on July 26, bringing the benchmark borrowing rate to 5.25%-5.5% 바카라 게임 웹사이트� its highest level in 22 years.The Fed has increased interest rates 11 times since March 2022, skipping a hike only once since then in its efforts to cool inflation. At the June meeting, where the pause happened, Fed Chair Jerome Powell indicated policymakers wanted to take a wait-and-see approach to see how much previous tightening would affect the economy.Still, the Federal Open Market Committee (FOMC) stopped short at its most recent meeting of promising an end to its rate hiking campaign and even signaled that there might be one more hike in 2023. 바카라 게임 웹사이트�In determining the extent of additional policy firming that may be appropriate to return inflation to 2% over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,바카라 게임 웹사이트� read the FOMC statement accompanying the announcement.Recent waves of positive data about inflation have bolstered the idea that the Fed may have done enough to tame prices without pushing the U.S. into recession. Prices for consumers rose just 3% in June, the smallest increase in more than two years. And, the U.S. added 209,000 jobs that same month 바카라 게임 웹사이트� solid growth but still the coolest report since the labor market started taking off during the pandemic.It바카라 게임 웹사이트�s still to be seen whether the Fed can achieve a soft landing, but either way, any increase to the benchmark borrowing rate 바카라 게임 웹사이트� that is, the interest rate when banks loan money to each other 바카라 게임 웹사이트� has a ripple effect on personal finances. The Fed doesn바카라 게임 웹사이트�t set interest rates on products like savings accounts, mortgages, and credit cards, but those rates are influenced by its actions.As a result of the Fed's rate hikes, interest rates on savings accounts have risen significantly in the past 17 months 바카라 게임 웹사이트� more than eight times what they were before the Fed started its streak. They're even higher than that 바카라 게임 웹사이트� around 5% 바카라 게임 웹사이트� if you바카라 게임 웹사이트�re willing to consider a high-yield savings account at an online bank. In fact, the rate hikes have created the best climate for saving since the mid-2000s.Here바카라 게임 웹사이트�s what the Fed바카라 게임 웹사이트�s decision to raise the federal funds rate again could mean for your money.How does the Fed rate hike affect savings account interest rates?The Federal Reserve doesn바카라 게임 웹사이트�t directly set interest rates for savings accounts. But the Fed바카라 게임 웹사이트�s federal fund rate decisions do influence the rates that banks set for consumer products like savings accounts. And savings account interest rates are generally correlated to the federal funds rate 바카라 게임 웹사이트� meaning that if one increases, the other is likely to increase as well.The connection between Federal interest rates and savings account interest rates hasn바카라 게임 웹사이트�t been as strong ever since the 2008 financial crisis. Interest on savings accounts has risen more slowly this past year than conventional wisdom would suggest. But it바카라 게임 웹사이트�s still more than tripled since the Fed started its push in March 2022. As of July 24, the national average interest rate for savings accounts is 0.53%, according to Bankrate바카라 게임 웹사이트�s weekly survey.Some economists predict that banks will soon start raising savings account interest rates more rapidly, as the gap between the Fed바카라 게임 웹사이트�s rate and interest rates on savings accounts grows. The bigger the gap, the more pressure banks feel to catch up. And once some banks start raising rates, it leads to a ripple effect among others competing for your deposits.If you바카라 게임 웹사이트�re looking for the greatest return in the meantime, online banks tend to offer much better interest rates than traditional banks, in some cases as much as 10 times higher. Yet most high-yield savings accounts offer the same flexibility as traditional savings accounts, such as the ability to easily transfer money to a checking account. Certificates of deposit, or CDs, are also a good option for higher interest rates, especially if you plan to leave your money in place for a while.Today바카라 게임 웹사이트�s savings account interest ratesAre more Fed rate hikes coming in 2023?The short answer: The Fed probably won바카라 게임 웹사이트�t cut rates in 2023. Powell has signaled again and again that the Fed doesn바카라 게임 웹사이트�t want to take its foot off the gas too early on inflation. The Fed even hinted it might raise interest rates one more time this year.바카라 게임 웹사이트�The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals,바카라 게임 웹사이트� the FOMC statement read. 바카라 게임 웹사이트�The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.바카라 게임 웹사이트�So what does that mean for you? The best move you can make right now is to set aside some time to ensure your money is working as hard as it can for you, even when it바카라 게임 웹사이트�s sitting in the bank. If you haven바카라 게임 웹사이트�t reviewed your savings account interest rates recently, it바카라 게임 웹사이트�s the perfect time to do so. And if you decide to switch banks, know that moving your money isn바카라 게임 웹사이트�t as complicated as you might think. It usually takes just a few minutes and can happen totally online. In the long run, those few minutes could pay off in big returns for your money.Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender바카라 게임 웹사이트�s website for the most current information.This article originally appeared on SFGate.com.