How does the Fed rate affect your savings account?
The Fed sets the rate banks charge each other overnight. It doesn't set what your bank pays you; each bank decides that based on how much it wants new deposits. Online banks that are actively looking for new savers tend to adjust their rates, sometimes before a Fed meeting and sometimes weeks after. Standard savings rates at large branch banks have stayed near 0.01% through Fed increases, holds and cuts.
What to check after a Fed decision
The account you're in matters far more than the Fed's move. Moving $10,000 from a 0.01% account to a 4.20% account earns about $419 more a year.
- Check your rate in mid-November. Your rate (APY) is on your statement and in your bank's app.
- As of , the highest no-requirements rate is 4.20% APY. A rate a full point or more below it earns at least $100 less a year on a $10,000 balance.
- Switching savings doesn't mean moving your whole bank. Checking can stay where it is while an online savings account opens alongside it. Here's how switching savings accounts works.
September inflation was 3.7%. As of November 9, 2026, EverBank Performance Savings at 4.20% is the only no-requirements rate above it. Savings rates vs. inflation →
Most people don't switch. A 2025 Chicago Booth study found that 94% of depositors keep their account from one year to the next (Becker Friedman Institute).
Best savings rates right now
| Account | Max APY | Yearly interest on $10,000 | Bank site |
|---|---|---|---|
EverBank Performance Savings EverBank · Member FDIC (Federal Deposit Insurance Corporation) Full rate, no requirements New accounts only Highest rate, no requirements | 4.20% APY | $420 a year on a $10,000 balance | Visit site |
See details for EverBank Performance SavingsEverBank Performance Savings pays 4.20% APY as of November 9, 2026, for new accounts, with no minimum balance, no direct deposit required, and no linked checking account required.
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Marcus Online Savings Account Marcus (Goldman Sachs) · Member FDIC Full rate, no requirements | 3.50% APY | $350 a year on a $10,000 balance | Visit site |
See details for Marcus Online Savings AccountMarcus Online Savings Account pays 3.50% APY as of November 9, 2026 with no minimum balance, no direct deposit required, and no linked checking account required.
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Ally Bank Online Savings Account Ally Bank · Member FDIC Full rate, no requirements | 3.20% APY | $320 a year on a $10,000 balance | Visit site |
See details for Ally Bank Online Savings AccountAlly Bank Online Savings Account pays 3.20% APY as of November 9, 2026 with no minimum balance, no direct deposit required, and no linked checking account required.
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One year of interest on $10,000 at today's APY, rounded to the dollar. Each bank provides its own FDIC insurance; Arca is not a bank and does not hold deposits.
APYs are variable and can change at any time.
Savings rates before and after the Fed's October 28 decision to hold rates
None of the savings rates on this table changed between October 26 and November 9, 2026; the highest, Axos ONE® Savings (requires direct deposit), paid 5.00% APY on both dates.
| Account | BeforeOct 26 | AfterNov 9 | Changepercentage points |
|---|---|---|---|
| Axos ONE® SavingsRequires direct deposit · Promotional rate | 5.00%up from 4.21% on Oct 5 | 5.00% | 0.00 percentage points |
| Zeugma Plus High Yield SavingsRequires direct deposit | 5.00% | 5.00% | 0.00 percentage points |
| SoFi High-Yield SavingsRequires direct deposit, new accounts only · Promotional rate through Dec 31, 2027 | 4.40%up from 4.20% on Oct 26 | 4.40% | 0.00 percentage points |
| EverBank Performance SavingsNew accounts only | 4.20%up from 3.90% on Oct 5 | 4.20% | 0.00 percentage points |
| Axos Summit SavingsConditions apply, new accounts only · Promotional rate through Oct 31, 2026 | 4.01%up from 3.75% on Oct 5 | 4.01% | 0.00 percentage points |
| CIT Platinum SavingsRequires $5,000 balance | 3.75% | 3.75% | 0.00 percentage points |
| Marcus Online Savings | 3.50% | 3.50% | 0.00 percentage points |
| Ally Bank Online Savings | 3.20%up from 3.10% on Oct 26 | 3.20% | 0.00 percentage points |
| American Express High Yield Savings | 3.20%up from 3.10% on Oct 19 | 3.20% | 0.00 percentage points |
| Bank of America standard savings | 0.04% | 0.04% | 0.00 percentage points |
| Chase standard savings | 0.01% | 0.01% | 0.00 percentage points |
| Wells Fargo standard savings | 0.01% | 0.01% | 0.00 percentage points |
All rates come from Arca Savings' weekly captures of each bank's public rate page. This table updates weekly until the next Fed decision. Don't see your bank? Your savings rate (APY) is on your statement and in your bank's app. | |||
Six weeks after the September 16 hike
Between September 14 and October 26, 2026, the last weekly check before the October 28 decision, seven online savings accounts raised their rates and none cut. Standard savings at Chase, Wells Fargo and Bank of America didn't change.
| Account | Sep 14 | Oct 26 | Changepercentage points |
|---|---|---|---|
| Axos ONE® SavingsRequires direct deposit | 4.21% | 5.00% | +0.79 percentage points |
| SoFi High-Yield SavingsRequires direct deposit, new accounts only · Promotional rate through Dec 31, 2026 | 4.00%up from 3.80% on Sep 3 | 4.40% | +0.40 percentage points |
| EverBank Performance SavingsNew accounts only | 3.90% | 4.20% | +0.30 percentage points |
| Axos Summit SavingsConditions apply, new accounts only | 3.75% | 4.01% | +0.26 percentage points |
| CIT Platinum SavingsRequires $5,000 balance | 3.75% | 3.75% | 0.00 percentage points |
| Marcus Online Savings | 3.40% | 3.50% | +0.10 percentage points |
| Ally Bank Online Savings | 3.00% | 3.20% | +0.20 percentage points |
| American Express High Yield Savings | 3.00% | 3.20% | +0.20 percentage points |
| Bank of America standard savings | 0.04% | 0.04% | 0.00 percentage points |
| Chase standard savings | 0.01% | 0.01% | 0.00 percentage points |
| Wells Fargo standard savings | 0.01% | 0.01% | 0.00 percentage points |
Change in percentage points. All rates come from Arca Savings' weekly captures of each bank's public rate page. This table is final. | |||
When is the next Fed meeting?
The Fed's next rate decision is , at the end of its December 8–9 meeting. Arca Savings checks savings rates every week and will update this page after the decision.
Frequently asked questions
Will my savings rate change if the Fed holds rates?
Savings rates can still change when the Fed holds rates. The Federal Reserve sets the rate banks charge each other, and each bank sets its own savings rate. Online banks that are looking for deposits often adjust within weeks. Standard savings rates at large branch banks have stayed near 0.01% APY. As of , standard savings at Chase and Wells Fargo paid 0.01% APY, according to Arca Savings' weekly rate captures.
Did savings rates change after the October 2026 Fed decision?
None of the savings rates Arca Savings checks weekly changed after the Fed's decision to hold rates. Standard savings at Chase, Wells Fargo and Bank of America didn't change.
How quickly do savings rates change after a Fed decision?
There's no set timing. Some banks change savings rates before a Fed meeting, some within a few weeks after it, and some not at all. Around the Fed's increase, Arca Savings recorded SoFi High-Yield Savings raising its rate thirteen days before the meeting, and Axos, SoFi, EverBank, Axos Summit, Marcus, Ally and American Express raising their rates within nineteen days after it.
What is the Fed interest rate right now?
The Federal Reserve's target range for the federal funds rate is 3.75%–4.00%, which the Fed kept in place on . The vote was 10–2; two officials wanted an increase. The next decision is scheduled for .
Should I get a certificate of deposit (CD) after the Fed holds rates?
A certificate of deposit (CD) locks in your rate for a set term, while a savings account's rate can change at any time. If rates keep rising, a CD keeps you at the rate you locked in; if rates fall, it protects that rate. A CD fits money you're sure you won't need before the term ends. A savings account fits money you might need sooner. As of , the highest no-requirements savings rate is 4.20% APY at EverBank Performance Savings, for new accounts only.
What is the best savings rate right now?
As of November 9, 2026, the highest savings rate Arca tracks is 5.00% APY at Leader Bank Zeugma Plus High Yield Savings (requires a linked checking account, direct deposit of $1,000+/mo, a minimum opening deposit, and other conditions), tied with Axos ONE® Savings (requires a linked checking account, direct deposit or qualifying deposits, and other conditions); both are promotional rates. The highest savings rate with no requirements (no direct deposit, linked checking account or minimum balance) is 4.20% APY at EverBank Performance Savings, for new accounts only. Compare current savings rates.
Past Fed decisions and what savings rates did
- : held at 3.75%–4.00%. What the hold means for your savings
- : raised to 3.75%–4.00%. Savings rates after the September 2026 Fed hike
- : held at 3.50%–3.75%. Savings rates after the July 2026 Fed hold
How we get our rates
Arca Savings checks each bank's own published savings rate page every week and records each rate with its date. Fed decisions come from the Federal Reserve. Arca is not a bank and doesn't hold deposits; deposit insurance comes from each bank listed.
Rates are sourced from each bank's public rate page, captured weekly, and recorded in the Arca rate table. APYs are variable and can change at any time.