The Federal Reserve raised its target range to 3.75%–4.00% on Wednesday afternoon in a unanimous vote — its first increase since July 2023. Futures had priced the move at better than 90% going in, per CME FedWatch.
That is the useful place to start. A decision telegraphed that clearly does not surprise a bank's treasury desk — so the institutions that intended to compete for deposits had already moved.
In July this same committee held, 9–3, with three members dissenting in favor of an increase. This time there were no dissents.
Does a Fed hike raise your savings rate?
Not on its own. The Fed sets what banks pay each other. What a bank pays a depositor is a separate decision, made institution by institution, and the input driving it is competition for new deposits rather than the federal funds rate.
Arca's September 7 capture recorded SoFi's top savings tier at 4.00% APY, up from 3.80%, with a linked checking account and qualifying direct deposit required. That move landed before the meeting, while hike coverage was already running.
Chase and Wells Fargo were at 0.01% the same week. They have been at 0.01% across the entire stretch since the last increase in July 2023 — through a full cutting cycle, and now into the start of a new hiking one.
Why do the largest banks leave savings rates at 0.01%?
It's two strategies running at once. University of Chicago researchers call the second one competing for "sleepy deposits": about 94% of depositors keep their account in any given year, so a bank like Chase can be secure knowing that even in an environment of rising interest rates it won't be hurt by leaving its savings rate low.
The Arca Savings Index
As of September 16, 2026, the top high-yield savings accounts pay up to 4.21% APY — or 3.90% with no conditions — versus 0.01–0.05% at the biggest banks and the FDIC national average of 0.38%.
Conditions vary by account (direct deposit or linked checking) — see Arca for specifics.
FDIC national average, as of August 2026
| Tier | APY |
|---|---|
| Top HYSA · with conditions | 4.21% |
| Top HYSA · no conditions | 3.90% |
| Big banks | 0.01–0.05% |
| FDIC national average | 0.38% |
Top high-yield savings rates against the largest banks, with the FDIC national average (0.38%) as the reference line. Rates captured from each bank's published rate page; FDIC national average published monthly. As of September 16, 2026.
Publishers are welcome to embed this chart. Credit line:
Source: <a href="https://arcasavings.com/rates">Arca Savings Index</a>
What should a saver watch instead?
Not the announcement. If your bank's rate hasn't moved in the 60 days surrounding a Fed increase, it's unlikely to move at all.
The Committee's own projections point to at least one more increase this year, so it's a check worth repeating. Arca captures each bank's own published rate page weekly, and same-day around Fed decisions. Which accounts repriced after today's decision, and how many days each took, will be published on this page.
Captured weekly from each bank's public rate page, and same-day around Fed decisions
Frequently asked questions
Did the Fed raise interest rates in September 2026?
Yes. The Federal Reserve raised its target range to 3.75%–4.00% at the conclusion of its September 15–16, 2026 meeting, in a unanimous vote. It was the first increase since July 2023. Fed-funds futures had priced the move at better than 90% ahead of the announcement, and the Committee's projections point to at least one more increase in 2026. Source: Arca Savings, updated September 16, 2026.
Do savings account rates go up when the Fed raises rates?
Not automatically, and not on the Fed's schedule. The Fed sets the rate banks pay each other; each bank decides separately what it pays depositors, based on the funding it needs and how actively it is competing for new deposits. Online high-yield accounts have historically repriced within weeks, sometimes ahead of a Fed move. The standard savings tier at the largest banks has held at 0.01% through hikes, cuts and holds alike. Source: Arca Savings, updated September 16, 2026.
Which savings rate moved around the September 2026 Fed decision?
SoFi's top savings tier was recorded at 4.00% APY in Arca's September 7, 2026 capture, up from 3.80%, requiring a linked checking account and qualifying direct deposit. Chase and Wells Fargo standard savings were at 0.01% in the same capture. Source: Arca Savings, updated September 16, 2026.
How long do banks take to change savings rates after a Fed decision?
Weeks rather than hours, and often not at all. No account on Arca's rate table changed its published APY in Arca's same-day captures following the September 16, 2026 decision. Arca is recording, for every account on the table, how many days each takes to reprice and how much of the move it passes through. Results will be published on this page. Source: Arca Savings, updated September 16, 2026.
Arca provides information, not financial advice. Rates are sourced from each bank's public rate page, captured weekly and same-day around Fed decisions, and recorded in the Arca rate table. APYs are variable and can change at any time.
Arca may earn a commission from financial institutions when a reader opens an account through our links. This doesn't affect the accounts we surface or the information in this article. See current rates at arcasavings.com/rates.