Where should you stash your savings after the Fed rate cut?

You will not be earning as much on savings rates, so you may want to make some changes

Pair of red scissors sitting on top of 100 dollar bill
More than half of banks had cut their CD rates in anticipation of the rate cut, while one-third cut their rates on savings accounts
(Image credit: Pla2na / Getty Images)

At a recent September meeting, the Federal Reserve finally cut its benchmark interest rate. The Fed's decision — part of an effort to fight inflation — ended a long period of elevated rates.

While this may sound like a high-level financial decision, it can actually have major implications for consumers. Many of these effects are positive, such as lower borrowing costs when it comes to things like mortgages and auto loans. But there is one drawback of the long-awaited Fed rate cut: lower savings rates. 

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.