The Fed may raise interest rates this week. Here’s where you should keep your money if that happens.

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September 14, 2026 / 11:21 AM EDT / CBS News

At a nearly 90% likelihood as of Monday, the Federal Reserve is poised to issue its first interest rate hike since 2023 when it wraps its next meeting on September 16. According to the CME Group's FedWatch tool, there's a significant chance that the central bank will increase its benchmark interest rate by 25 basis points to a range between 3.75% and 4.00%. That will further push affordable borrowing options out of reach for those looking to buy a home, refinance their current one or use a personal loan or credit card. It can, however, be a boost for savers who know how to take advantage of a once-again rising interest rate environment.

They won't be able to do so by keeping their funds in a traditional savings account, however. With an average interest rate of 0.38% there, savers not only aren't keeping pace with inflation, which has stalled above the Fed's goal as of the most recent reporting, but they're essentially leaving interest earnings unclaimed by not leveraging alternative…

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