2 savings accounts to consider if the Fed raises rates this September (and one to avoid)

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September 8, 2026 / 3:25 PM EDT / CBS News

Closing in on a 60% likelihood, according to the CME Group's FedWatch tool, the Federal Reserve could just be days away from issuing its first interest rate hike since 2023. While a 25-basis-point increase won't be any help for borrowers already saddled with higher costs on everything from mortgages to personal loans to credit cards, it could further increase the advantages savers have been able to exploit in recent years. A higher federal funds rate, after all, will equate to even higher rates on select savings accounts, resulting in bigger returns for those savers who know which accounts to leverage … and which ones to avoid.

Not all savings accounts are created equal, though, especially in today's unique economic environment. Knowing which ones can help you meet today's economic challenges, then, is more important than usual. And that's especially true if a September Fed rate hike becomes the first of multiple ones to be issued in the upcoming months versus just a single outlier. Below, we'll detail two specific savings…

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