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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