Here’s why a high-yield savings account is worth opening this week

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September 15, 2026 / 3:40 PM EDT / CBS News

For the first time since July, the Federal Reserve will meet this week to determine the future of interest rate policy in the United States. And with inflation sticky, many expect the central bank to issue its first interest rate hike since 2023. With a 94.5% likelihood that the benchmark interest rate will be hiked by 25 basis points, according to the CME Group's FedWatch tool, both borrowers and savers will want to consider making some strategic moves now. And for savers, in particular, keeping your money stored in a traditional savings account with a meager average interest rate under 0.40% simply isn't an option right now.

Instead, they should consider pivoting to a high-yield savings account. And, if they do so this week, they may be able to take advantage of a rising interest rate climate as banks move to adjust their offers upward in response to a higher Fed rate. But that's not the only reason why a high-yield savings account could be worth opening this week. Below…

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