Where to check if rates moved today

The Federal Reserve does not change interest rates every day. The Fed meets eight times a year on a fixed schedule to decide whether to raise, lower, or hold rates steady. You can see the full meeting calendar on the Federal Reserve's website — the next decision date is public information months in advance.

If today is not a Fed meeting day, the federal funds rate (the rate the Fed controls directly) did not change. However, banks and lenders set their own rates on savings accounts, CDs, and loans based on what they expect the Fed to do and what they need to attract deposits. Those rates can move any day, even when the Fed does not meet.

To find out whether your bank changed its rates today, log into your account online or call the customer service number on your statement. Banks are required to notify you of rate changes, usually by email or through your online portal, but the notification may come after the change takes effect.

Key Takeaways

  • The Federal Reserve announces rate decisions only on its eight scheduled meeting days per year, which are published in advance on federalreserve.gov.
  • Banks and credit unions can change their savings account and CD rates any day, independent of Fed meetings, so check your bank's website or call directly to see current rates.
  • If you hold a variable-rate loan or adjustable-rate mortgage, your lender will notify you of any change, usually within 30 days of when it takes effect.
  • Financial news sites like CNBC, Bloomberg, and MarketWatch publish Fed decisions on meeting days, but they do not affect your rate unless your bank chooses to pass the change along.

How to track Fed meeting dates

The Federal Reserve publishes its meeting schedule at the start of each year. You can find the 2024 and 2025 dates on federalreserve.gov under "Monetary Policy" or "FOMC Meetings." Each meeting produces a statement released at 2 p.m. Eastern time on the decision day.

If you want a reminder, you can add the dates to your calendar or set up a news alert through Google News or your email provider. Many financial websites also send notifications when the Fed announces a decision, so you do not have to check manually.

What happens to bank rates when the Fed moves

When the Federal Reserve raises or lowers its benchmark rate, banks usually follow within days or weeks — but not always by the same amount. A bank might raise its savings account rate by 0.25% when the Fed moves 0.25%, or it might raise it by less, or not at all. Banks compete for deposits, so some move faster than others.

Savings account rates tend to move more quickly than CD rates or loan rates. If you have a CD that matures soon, you may see a higher rate available after a Fed increase. If you have a variable-rate loan, your payment may go up or down depending on your loan terms and how much time passes after the Fed's move.

Why your bank's rate might change on a non-Fed day

Banks adjust rates based on their own needs and market conditions, not just Fed decisions. If a bank needs more deposits, it might raise its savings rate to attract customers. If it has plenty of deposits, it might lower the rate. These moves happen independently of the Fed and can occur any day of the week.

You may also see rate changes when a bank is running a promotional offer or when it is responding to competition from other banks. Checking your bank's website weekly or signing up for rate alerts helps you spot these changes before they affect your savings.

How to compare rates across banks

If you want to know whether your bank's rate is competitive, use a rate comparison tool like Bankrate, DepositAccounts, or NerdWallet. These sites update daily and show rates from hundreds of banks and credit unions. You can filter by account type (savings, money market, CD) and term length.

When you find a higher rate elsewhere, you have two options: contact your current bank and ask if they will match it, or open an account at the bank offering the better rate. Moving money between banks takes three to five business days via ACH transfer, so plan ahead if you want to lock in a rate before it changes.

Understanding variable versus fixed rates

A fixed rate on a savings account or CD does not change until the account matures or you close it. If you open a 1-year CD at 4.5%, you will earn 4.5% for the full year, even if the Fed raises rates to 5% next month. This protects you from rate cuts but also means you miss out if rates rise.

A variable rate on a savings account can change at any time, usually without notice beyond what your bank's terms allow. If rates rise, your earnings go up. If rates fall, your earnings fall too. Most regular savings accounts have variable rates; most CDs have fixed rates for their term.

What to do if you missed a rate change

If you discover your bank lowered its rate and you want a better return, you can move your money to a different bank or into a CD to lock in a rate before it falls further. There is no penalty for moving savings between banks, though the transfer itself takes a few business days.

If your bank raised its rate and you missed the announcement, you do not need to do anything — the new rate applies to your account automatically. However, if the rate increase is temporary or promotional, check the terms to see when it expires so you can plan ahead.

Frequently Asked Questions

Does the Fed change rates every month?

No. The Federal Reserve meets eight times per year on a scheduled calendar. It announces a decision at each meeting, but the decision is often to hold rates steady rather than change them. You can see all meeting dates on federalreserve.gov.

If the Fed raised rates today, will my savings account rate go up tomorrow?

Not necessarily. Banks decide when and by how much to adjust their rates. Some raise savings rates within days; others wait weeks or do not raise them at all. Check your bank's website or call to see if it has announced a change.

Can my CD rate change before it matures?

No. A CD rate is locked in for the full term you choose. If you open a 12-month CD, the rate stays the same for 12 months. When it matures, you can open a new CD at whatever rate is available then.

How do I know if my adjustable-rate mortgage will go up?

Your mortgage documents spell out when and how your rate adjusts — usually once or twice per year after an initial fixed period. Your lender must notify you of any change at least 30 days before it takes effect. Review your loan papers or contact your servicer to understand your adjustment schedule.

What is the difference between the Fed rate and the prime rate?

The Fed sets the federal funds rate, which is what banks charge each other for overnight loans. The prime rate is what banks charge their best customers for loans and is based on the federal funds rate. Banks use the prime rate as a starting point for credit card rates and adjustable loans.