Fed Raises Key Interest Rate: Now What?

On Wednesday, the Federal Reserve Open Market Committee voted to raise the benchmark Federal Funds Rate by another quarter percent or 25 basis points. The Fed Funds Rate is a short-term interest rate at which depository institutions lend money from the Federal Reserve to other banks or depository institutions. The Fed Funds Rate is now between. 0.75 -1.0%. The prime rate currently sits at 3.75% but will rise to 4%. Credit companies use the prime rate as a baseline for what they charge customers — generally the prime plus an additional amount. According to Bankrate, savings accounts currently pay on average 0.11 percent in interest, with 1.25% percent the high end. One-year CDs are paying about 1.24 percent on average.

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