3 savings moves to make post-Fed rate hike

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September 17, 2026 / 4:07 PM EDT / CBS News

Savers on Thursday woke up to a new financial climate marked by the first interest rate hike from the Federal Reserve in more than three years. Now at a range between 3.75% and 4.00%, a new, higher federal funds rate is expected to lead to even higher rates for savers than they've already been accustomed to in recent years. And while that change will look different based on the account type and the bank in question, savers are undoubtedly now entering a more profitable period, especially if the Fed proceeds with another interest rate hike when it meets again in October.

Taking advantage of new, better interest-earning opportunities will take a bit of a strategic approach from savers, however. While there are always costly mistakes worth avoiding, making the right, proactive moves now could be the difference between earning a standard rate on your money or one that's exponentially higher. And these moves should happen relatively quickly, both to boost your savings as much as possible and to cut losses…

Original source: https://www.cbsnews.com/moneywatch/