Interest rates change constantly, but not every day and not all at once
Interest rates do not move on a fixed schedule. The Federal Reserve — the central bank of the United States — sets a target range for the federal funds rate, which is the rate banks charge each other for overnight loans. The Fed typically meets eight times a year to decide whether to raise, lower, or hold that rate steady. Between meetings, the rate stays the same.
When the Fed does change rates, banks do not automatically adjust their savings account rates, money market rates, or CD rates on the same day. Some banks move within hours. Others take days or weeks. A few move only when they choose to, regardless of what the Fed does. This means that even on a day when the Fed announces a rate change, your bank's rates may not change at all.
If you are checking whether rates dropped today at your specific bank, you need to look at that bank's website directly — not at news about the Fed. The Fed's action is the reason rates might move, but it is not the same thing as your bank moving them.
Key Takeaways
- The Federal Reserve meets eight times per year to set its target rate; rates do not change on other days unless your bank chooses to move them independently.
- When the Fed does announce a change, individual banks decide separately when and by how much to adjust their savings, money market, and CD rates.
- To see if your bank's rates dropped today, check your bank's website, log into your account, or call customer service — do not rely on Fed announcements alone.
- Some banks move rates within hours of a Fed decision; others wait days or weeks, and some move rates without any Fed change at all.
Where to check your bank's current rates
Your bank publishes its current rates on its website, usually under a heading like "Rates and APY" or "Savings Rates." You can find this page by searching the bank's name plus "savings rates" or by logging into your online account and looking for a rates or products section.
If you want to compare what your bank offered yesterday to what it offers today, you will need to have written down or screenshotted the old rates. Banks do not typically show rate history on their public pages. If you have an account statement from last month, it may show the APY (annual percentage yield) you were earning at that time, which gives you a reference point.
For CDs specifically, the rate you locked in when you opened the account does not change — that rate is may provide for the term you chose. What changes is the rate the bank offers on new CDs opened today. If you are shopping for a new CD, you are looking at today's new-money rate, not the rate on an existing CD.
What actually happened if rates did drop
If your bank did lower its savings or money market rate today, one of two things caused it. Either the Fed announced a rate cut at a scheduled meeting (which happens roughly every other meeting), or your bank lowered rates on its own because it has enough deposits and does not need to attract more customers right now.
Banks lower rates when they have plenty of customer deposits sitting in accounts. They raise rates when they need to attract more deposits to lend out. The Fed's rate is the biggest driver of this, but it is not the only one. A bank might raise rates even when the Fed has not moved, or hold rates steady even after the Fed cuts.
If you are earning less interest today than you were yesterday, it means your bank is paying less on new deposits and on existing accounts that do not have a fixed rate locked in. Accounts with a fixed rate — like a CD or a promotional savings rate with a set end date — do not change unless the promotion ends.
When the Federal Reserve actually meets and announces changes
The Federal Reserve's policy committee meets eight times per year on a published schedule. You can find the full schedule on the Federal Reserve's website. On the day of a meeting announcement, the Fed releases a statement in the afternoon (usually around 2 p.m. Eastern time) saying whether it raised, lowered, or held its target rate.
The Fed's target rate is a range, not a single number. As of now, that range changes based on the committee's decision. When the Fed announces a cut, it typically cuts by 0.25 percentage points (one quarter point) or 0.50 percentage points (half a point), though larger or smaller moves are possible.
If today is not a scheduled Fed meeting day, any rate changes at your bank happened for reasons unrelated to Fed policy. Banks can and do move rates whenever they want, independent of the Fed.
How to know if today was a Fed meeting day
Check the Federal Reserve's calendar on its official website (federalreserve.gov). The calendar lists every meeting date for the current year and the next year. If today's date is on that calendar, a decision was announced today. If it is not, the Fed did not meet.
Financial news outlets like Reuters, Bloomberg, and CNBC also cover Fed announcements on the day they happen. If you search "Federal Reserve decision today" and see news articles, a meeting happened. If you see nothing, it did not.
You can also sign up for email alerts from the Federal Reserve's website so you know in advance when meetings are scheduled and receive the announcement when it is released.
Why your bank's rate might have dropped even without a Fed change
Banks are businesses. They set rates based on how much money they need and how much competition they face. If a bank has more deposits than it can lend out profitably, it lowers rates to discourage new deposits. If it needs more money, it raises rates to attract customers from other banks.
A bank might also lower rates if interest rates in the broader economy are falling — even if the Fed has not moved yet. Banks sometimes anticipate Fed cuts and move early. Or a bank might lower rates because a competitor lowered theirs first, and the bank does not want to lose customers.
The opposite is also true: your bank might raise rates even when the Fed has not moved, if it is in a competitive market and needs deposits badly.
What to do if you want to lock in a rate before it drops further
If you are worried rates will continue to fall, a CD is the tool for that. When you open a CD, the rate you receive is locked in for the entire term — whether that is three months, one year, five years, or longer. No matter what happens to rates after you open it, you keep that rate.
Savings accounts and money market accounts do not lock in a rate. The bank can change those rates whenever it wants, and you have no protection if rates fall. If you want to protect yourself from falling rates, move money into a CD at today's rate.
The trade-off is that you cannot withdraw the money without a penalty until the CD matures. Read the CD's terms to see what the early withdrawal penalty is — it varies by bank and by CD length.
Frequently Asked Questions
Can I see what interest rates were yesterday to compare?
Your bank's website shows only today's rates, not historical rates. If you have an account statement from last month, it shows the APY you were earning then. For a day-to-day comparison, you would need to have written down or screenshotted the rate yourself. Some financial tracking websites keep historical rate data, but they are not always accurate.
If the Fed cut rates today, why didn't my bank's rate drop?
Banks are not required to move their rates when the Fed moves. Some wait days or weeks. Others move only part of the way. A bank might also hold rates steady if it already has enough deposits or if it is trying to keep customers from moving money to competitors. The Fed's decision is a signal, not a command.
Does my CD rate change if the Fed cuts rates?
No. A CD's rate is locked in when you open it and does not change for the entire term, no matter what the Fed does. Only the rate on new CDs you open in the future will reflect the Fed's new rate. Existing CDs are protected.
How often do banks change their rates?
There is no set schedule. Banks can change rates whenever they want. Some move rates weekly or even daily. Others move only when the Fed meets. It depends on the bank's strategy and how competitive its market is.
Where can I find the Fed's next meeting date?
The Federal Reserve publishes its full meeting calendar on federalreserve.gov. You can also set a calendar reminder or sign up for email alerts from the Fed's website so you know when announcements are coming.