RateAPY

Interest Rates Stay Low Says FOMC

Posted by: RateAPY Bank Rates News
April 28th, 2010

The FOMC concluded their most recent two-day meeting by leaving the Fed Funds Rate unchanged, yet again. The current 0.000% - 0.250% has been in place for more than a year. According to today’s press release, “economic activity has continued to strengthen.” Despite the positive comment on the economy, the FOMC believes interest rates will remain low for an “extended period.”

Impact of Low Interest Rates on Savings

The interest that you can earn on your checking account, savings account, money market account, or certificate of deposit, will go up or down along with the FOMC’s monetary policy. These savings instruments have paid low interest rates because the FOMC is keeping rates low. When the FOMC starts to raise rates, which many economists believe will be this year, the interest you can earn will also rise.

Find the highest yields on checking accounts, savings accounts, money market accounts, and certificates of deposit.