Fed Leaves Rates Unchanged
June 23, 2010
As expected, the Federal Reserve Open Market Committee left the Fed funds rate in the 0% to 0.25% range today, for the 13th consecutive meeting. How will this recent decision affect savings account interest rates, money market rates, CD rates, and checking account rates?
MoneyRates.com has resources to help you decode the effect of the Fed's decision on your deposits:
- Bank Rates Have Little to Hope for from Fed Meeting: Personal finance expert Richard Barrington explains the Fed's dilemma now--and what it can do if inflation makes a comeback.
- What Bernanke's Plan Means for Money Market Rates: How exactly does the Fed drive interest rates offered to consumers? And what is the Fed looking for before it raises interest rates?
- Hidden Losses: Decline in Purchasing Power of US Bank Deposits May Have Topped $140 Billion: Stimulus may be necessary to push the economy toward growth, but there's been a real cost to the Fed's low-rate policy--and that cost has been shouldered by savers.
- Low CD Rates Mean Shopping for the Best Bank Rates Is More Important Than Ever: The difference between the highest CD rates on the market and the average rate can be large. Actively comparing banks online is simple, so there's no need to settle for stuck-in-the-mud rates.
Protecting Your Savings
In this low-interest-rate environment, your best way to protect your savings and grow them safely is to actively look for the highest rates on savings accounts, money market accounts, certificates of deposit, and more.
MoneyRates.com finds and posts the highest rates on all these accounts:
