The Federal Reserve raised its benchmark interest-rate target on September 16, 2026, but that does not guarantee banks will raise certificate of deposit (CD) rates. The change can put upward pressure on deposit rates; each bank sets its own CD APYs and may respond at a different time or by a different amount.
Did the Fed raise rates in September 2026?
Yes. The Federal Open Market Committee (FOMC) met September 15–16 and voted 12–0 on September 16 to raise the target range for the federal funds rate by one-quarter percentage point, to 3.75%–4.00%. The Federal Reserve’s September 16 statement said the action supported the Fed’s dual mandate and a timelier return to its 2% inflation goal.
The Fed said economic activity was expanding at a solid pace, citing resilient domestic spending, strong productivity growth and robust capital investment. It also said the unemployment rate had changed little and inflation remained elevated.
Will CD rates go up after the Fed meeting?
They may, but the Fed does not set the APY on consumer CDs. Its federal funds target is a benchmark that influences broader financial conditions. Banks decide what to pay depositors based on factors including their funding needs and competition, so CD rates can rise by less than the Fed’s move, by more, later—or not at all at a particular institution.
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The Associated Press reported that the September decision likely pointed toward higher deposit rates, while noting that the Fed does not set savings-account or CD rates. That is an expectation of upward pressure, not a guarantee that every provider will change its offers. A one-quarter-point increase in the federal funds target does not promise a one-quarter-point increase in any CD APY.
What were CD rates after the September Fed meeting?
The Associated Press reported a 1.71% average U.S. one-year CD rate for September 2026, based on FDIC data published by the Federal Reserve Bank of St. Louis. This is a dated national average, not a live quote, forecast or best-buy rate; the figures available here do not establish which providers changed rates after the Fed’s announcement. See the Associated Press report for the reported average and the decision’s consumer context.
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The average and the 3.75%–4.00% federal funds target measure different things. The target is a policy rate; the reported average is what banks paid for one-year CDs across the U.S. in September. Neither figure tells you the current APY available from a particular bank.
How to compare a CD offer
Because rates and terms vary by provider, check the current disclosures for the specific CD before opening it. Compare offers with the same term and deposit amount, and review:
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- APY: Confirm the current annual percentage yield and whether it is promotional or conditional.
- Term and maturity date: Make sure the term suits when you will need the money.
- Minimum deposit and balance tiers: Check whether the advertised APY requires a particular opening deposit or balance.
- Early-withdrawal penalty: Understand the cost of accessing funds before maturity.
- Interest and renewal terms: Review how interest is credited, what happens at maturity, and any grace period for changing or withdrawing the deposit.
- Deposit insurance: Confirm eligibility and coverage under the applicable ownership category.
A higher APY is not automatically the better fit if the term, access restrictions or renewal conditions do not work for you. No current provider-specific rate or offer is established by the September average.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When is the next Fed meeting?
The Federal Reserve’s Monetary Policy page listed October 7, 2026, for release of the September meeting minutes and October 27–28, 2026, for the next FOMC meeting. Meeting calendars can change, so consult the Fed’s schedule for the latest dates.
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