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Federal Reserve rate changes can influence savings account and CD rates, but they do not set them. The Fed’s federal funds rate is a target for overnight borrowing between banks—not the APY a bank promises a depositor. Banks adjust deposit rates according to their funding needs, competition, product terms and expectations, so the response can be delayed, partial or different across accounts.
What the Fed changes—and what it does not
The Federal Open Market Committee (FOMC) sets a target range for the federal funds rate, an overnight borrowing rate between banks. The Federal Reserve describes changes to this range as influencing other short-term interest rates and financial conditions. Those effects can reach households through many channels, including the rates banks pay on deposits, but the target itself is not a consumer deposit rate.
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A bank sets the APY on each savings account or CD it offers. The APY is the account’s annual percentage yield, a measure consumers can use to compare the interest earned under the account’s stated terms. A change in the federal funds target does not automatically change that APY by the same amount—or require a bank to change it at all.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesIn an April 22, 2025, speech, Federal Reserve Governor Adriana D. Kugler described the broad transmission: “For example, changes to the federal funds rate filter through to the interest rates lenders charge for loans to businesses and households as well as to what financial institutions pay in interest on deposits.” “Filter through” is important: policy influences rates, but it does not dictate every bank’s pricing or the timing of a change.
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The Federal Reserve’s policy-rate explainer, last updated September 16, 2026, describes how changes in the target range influence short-term rates and, through them, household and business spending decisions and economic activity. The reviewed page did not state a numerical target range, so this article does not give a live figure. Current deposit rates and the latest FOMC decision need to be checked directly with the relevant institution and the Federal Reserve.
Why savings and CD rates may not move one-for-one with the Fed
A bank’s deposit rate is a business decision as well as a response to interest-rate conditions. The federal funds rate can affect the returns available elsewhere in financial markets, but a bank still decides how much it needs to attract or retain deposits and how much it is willing to pay. Its decision may differ by account type and institution.
Funding needs and competition
Deposits are one source of bank funding. If a bank wants to attract more deposits, or faces competitors offering more attractive terms, it may raise an account’s APY. If it already has the funding it needs, it may have less reason to raise rates quickly or by as much as market rates have moved. The policy change creates pressure that banks respond to differently; it is not a rate-setting formula for individual accounts.
Different products have different purposes
A variable-rate savings account and a fixed-term CD do not give the depositor the same access to funds or the bank the same funding commitment. That difference matters to pricing. The Federal Reserve’s 2017 analysis of three rate hikes found that six-month CD rates moved more than checking-account rates in the episode it examined. The result is a reminder that a bank may adjust one deposit product more than another; it is not a rule for every savings account or CD.
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Market alternatives can affect the response
Consumers may move cash among bank deposits and money market mutual funds as relative yields change. A 2025 Federal Reserve staff note says deposit and money market fund assets can substitute for one another, with relative yields influencing the direction and strength of that substitution. The note describes bank deposit rates as adjusting more slowly and incompletely than money market fund yields during the 2022–2024 tightening period.
That comparison has limits. A money market mutual fund is not a bank deposit and does not have the same deposit-insurance coverage or payment functionality. It should not be confused with a bank money market deposit account, which is a type of bank deposit. The 2025 note describes aggregate market behavior, not a guaranteed response for any household or individual bank.
Do savings account rates go up when the Fed raises interest rates?
They may, but a Fed increase does not guarantee that a particular savings account’s APY will rise. Banks can raise rates to compete for deposits or respond to changing funding needs, but the amount and timing are their own decisions. A bank may also leave an APY unchanged while other market rates move.
Historical evidence shows how incomplete that pass-through can be. A Federal Reserve Board staff analysis published June 2, 2017, examined three 25-basis-point increases in the federal funds target between 2015 and 2017, a cumulative increase of 75 basis points over the episode described. Across that interval, the analysis reported an increase of about 6 basis points in six-month CD rates and about 1 basis point in checking-account rates.
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| Measure in the 2015–2017 episode | Reported change | How to interpret it |
|---|---|---|
| Federal funds target | 75 basis points across three 25-basis-point hikes | The policy change in the historical interval examined—not a current target or a promised deposit-rate adjustment. |
| Six-month CD rates | About 6 basis points | The reported change for this product in that episode; not a forecast for a new CD offer. |
| Checking-account rates | About 1 basis point | The reported change for checking accounts in the same episode; not a measure of every savings account. |
A basis point is one-hundredth of a percentage point. These figures are historical pass-through estimates for the products and interval studied. They are not current rates, a typical response for all future Fed decisions or a direct prediction for an individual account.
Do CD rates go down when the Fed cuts rates?
They can, but a cut does not mechanically lower every CD offer or tell you exactly when a particular bank will change one. A CD rate is set by the institution for the offered term and may reflect market expectations as well as current conditions. Banks may adjust offers at different times, and the change can vary by term and institution.
Historical episodes also differ. The 2017 Federal Reserve analysis contrasted the gradual pass-through it observed during the 2015–2017 rate increases with faster, anticipated increases in 2004. That comparison cautions against treating the 2015–2017 figures—or any one episode—as a universal timetable or formula. A particular CD rate could change before or after an FOMC decision, or not move in lockstep with the target.
How quickly do bank rates change after a Fed decision?
There is no fixed number of days or weeks that applies to every bank and deposit product. The cited Federal Reserve findings describe differing speeds and degrees of pass-through across products and periods: deposit rates adjusted more slowly and incompletely than money market fund yields during the 2022–2024 tightening period, while the 2015–2017 analysis found only small changes in the selected retail deposit rates after three hikes.
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Timing can also depend on whether a move was anticipated. The 2017 analysis’s comparison with the faster, anticipated hikes of 2004 shows why the announcement date alone may not explain when a bank changes a rate. Market expectations can shape pricing before a policy decision, while an account’s own rate may be revised later or not at all. For a variable-rate account, check the institution’s current disclosure and account terms rather than assuming a new rate applies immediately after an FOMC meeting.
Should you lock in a CD rate before rates fall?
A CD can make sense for money you can leave deposited for its term, but the possibility of future Fed cuts is not by itself enough to establish that locking in is the right choice. A CD’s stated rate and term may give you a known return under its terms, while the time commitment and early-withdrawal penalty can limit access. A liquid savings account may offer easier access, but its rate may be variable and can change.
Before choosing, consider when you may need the money, whether the CD’s penalty is acceptable, and whether the account’s actual APY and other terms meet your needs. Do not treat an expected Fed decision as a guarantee about the CD rates a bank will offer, or about the return available from another account. Current offers and institution-specific terms were not established here; verify them at the institution before opening an account.
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Regulation DD disclosure criteria point consumers to useful comparison details for deposit accounts. The Federal Reserve’s background and summary of Regulation DD identifies disclosures including APY, interest rate, fees, minimum-balance requirements, variable-rate change information, CD term, early-withdrawal penalties and renewal policy. Those details help explain what a quoted rate does—and does not—tell you.
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| Term to check | For a savings account | For a CD |
|---|---|---|
| APY and interest rate | Compare the stated APY and the interest rate; check whether the rate can change. | Compare the stated APY and rate for the specific term offered. |
| Rate structure | Check the institution’s variable-rate disclosure, including how rate changes are described. | Check whether the rate is fixed for the stated term and what happens at maturity. |
| Access to funds | Review how and when withdrawals or transfers are available under the account terms. | Review when funds mature and the consequences of withdrawing early. |
| Minimums and fees | Check minimum balance requirements and fees that could affect the account’s value to you. | Check minimum balance requirements and any fees stated for the account. |
| Term and early withdrawal | Not a CD term; focus on access and variable-rate terms. | Compare the length of the term and the stated early-withdrawal penalty. |
| Renewal policy | Not a CD renewal term; check the institution’s account terms. | Read the renewal policy so you know what happens when the CD reaches maturity. |
Use the disclosures for the specific account, not just a headline rate. Two offers with similar APYs can differ in minimums, fees, access, CD penalties or renewal terms. Regulation DD identifies information that helps consumers compare; it does not declare that a savings account or CD is best for any particular person.
What the deposit and money market fund figures do—and do not—show
The Federal Reserve staff note published November 6, 2025, examines substitution between bank deposits and money market funds. It reports that, on average over 1995–2025, a one-percentage-point increase in bank deposits was associated with a 0.2-percentage-point decline in money market fund assets. This is an aggregate association, not a measure of how a particular account rate responds to a Fed move, and it does not establish that one household’s deposit will move in the same way.
The note’s introduction describes combined bank-deposit and money-market-fund assets as exceeding $20 trillion in its publication-period context. The scale helps explain why competition between these broad cash categories matters to the financial system, but the aggregate total does not predict an individual bank’s APY. The note’s analysis runs through May 2025 and concerns market-level relationships, not a guaranteed outcome for a depositor.
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Quick Recap
A practical way to follow rates without mistaking cause for guarantee
- Start with the policy announcement. Check the latest FOMC decision and the Federal Reserve’s stated target range; do not assume an old target figure is current.
- Check the account itself. Read the institution’s current APY, interest-rate disclosure and account terms. A federal funds target change is not a substitute for the account’s own disclosure.
- Compare like with like. For savings accounts, consider access, variable-rate terms, minimums and fees. For CDs, compare the same or relevant terms, along with early-withdrawal penalties and renewal policy.
- Separate a market trend from your account’s result. Deposit rates can lag or move by a different amount than market rates; historical averages and aggregate relationships do not guarantee a particular bank’s next move.
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