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Here's why the interest rate on your high-yield savings account may be going up

1 month ago   |   By Business Insider

The interest rate of many high-yield savings accounts has steadily increased throughout 2022. Westend61/Getty Images
The interest rate on your savings account is influenced by what the Federal Reserve does.
The Federal Reserve is raising the federal funds rate to combat inflation.
When the Federal Reserve raises rates, the interest rate on your savings account tends to go up, too.
If you bank with a online institution, you may have received an email or message from your bank that the interest rate on your high-yield savings account is going up. Why is this happening? We'll explain why your...
Read more ...

 


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