Where to check if rates changed today
Interest rates change constantly during business hours, but you won't see the change reflected everywhere at once. Banks update their posted rates on their own websites — usually in the afternoon after the Federal Reserve's daily announcements — so the first place to look is your own bank's website or mobile app. The rate you see there is what matters for accounts you already have or are thinking about opening.
If you want to see what happened across the banking system today, the Federal Reserve publishes its benchmark rate decision on its website (federalreserve.gov) whenever it meets, which happens eight times a year on set dates. On other days, the Fed doesn't change its rate, but banks still adjust their own rates based on market conditions. Financial news sites like CNBC, Bloomberg, and MarketWatch publish rate movements throughout the day, though these are meant for investors rather than account holders.
The simplest approach: open your bank's app, look for the savings or money market rate listed under account details or in the rates section, and compare it to what you remember from yesterday. If you don't remember yesterday's rate, you can call your bank's customer service line and ask what the current rate is and when it last changed.
Key Takeaways
- Your bank updates its posted rates on its own website and app, usually in the afternoon, and that's the rate that applies to your account.
- The Federal Reserve only changes its benchmark rate eight times a year on announced dates, but banks change their rates more often based on market conditions.
- You can see whether your specific rate changed by checking your bank's website or calling customer service to ask when the last change occurred.
- Financial news sites report on rate movements, but the rate that matters to you is the one your bank actually posts for new deposits.
Why rates change on different days
The Federal Reserve's benchmark rate — the rate it charges banks to borrow from each other overnight — is the anchor that moves everything else. When the Fed raises or lowers that rate, banks eventually raise or lower the rates they offer on savings accounts, money market accounts, and certificates of deposit. But "eventually" doesn't mean immediately. A bank might wait days or weeks to adjust its rates, or it might change them without waiting for a Fed decision at all.
Banks also respond to what's happening in the bond market and what other banks are offering. If one large bank raises its savings rate to attract deposits, competitors often follow within days. If the bond market gets more attractive, banks might lower savings rates because they can make more money lending money out than paying you to keep it there. This is why you can see rate changes on days when the Fed did nothing.
The rates you see posted online are the rates the bank is currently offering. These change whenever the bank decides to change them, not on any fixed schedule. Some banks update rates daily; others update them weekly or monthly.
How to track your own account's rate
If you have a savings account or money market account, the rate you're earning right now is listed in your account details. You can find it by logging into your bank's website or app and looking for "Account Details," "Account Information," or "Interest Rate." Some banks show it on the main account page; others hide it one click deeper.
Write down the rate you see today, along with the date. Do this once a week or once a month, depending on how closely you want to watch. Over time, you'll see the pattern: whether your bank moves quickly when rates rise, whether it cuts rates as fast as it raises them, and how it compares to other banks.
If your rate hasn't changed in months while other banks are offering higher rates, that's a sign to shop around. Banks count on account holders not checking, so they sometimes leave rates low longer than they need to. You can move your money to a bank offering a better rate whenever you want — there's no penalty for switching.
What "today's rate" means when you're shopping
When you're looking at opening a new account, the rate you see posted today is the rate you'll earn on new money you deposit starting today. That rate can change tomorrow, next week, or next month. Banks are not required to lock in the rate you see; they can lower it whenever they want after you open the account.
This matters because a bank might advertise a high rate to attract new customers, then lower it once you've moved your money there. It happens regularly. The protection you have is that you can move your money out without penalty — most savings accounts and money market accounts have no early withdrawal fee. If a bank drops its rate and you don't like the new rate, you can take your money elsewhere.
Some banks do offer rate guarantees for a set period — for example, "we may provide this rate for 90 days" — but this is rare and usually only on promotional accounts. Read the fine print before you open an account if the rate is the main reason you're choosing that bank.
The difference between the Fed rate and your bank's rate
The Federal Reserve's benchmark rate and the rate your bank pays you are not the same thing. The Fed's rate is what banks charge each other; your bank's rate is what it pays you. The Fed's rate is usually much lower — currently in a range that changes only when the Fed meets — while your bank's rate moves more often and is usually higher.
When people say "interest rates went up today," they usually mean the Fed raised its rate, or the bond market moved, or banks collectively decided to raise rates. But your bank might not have raised your rate yet, or it might raise it by a smaller amount than the Fed's move, or it might not raise it at all. The only rate that matters to your account is the one your bank actually posts.
When to check rates if you're comparing banks
If you're shopping for a new savings account, check rates in the morning before the market opens, because that's when rates are most stable. Rates can shift in the afternoon after economic news or Fed announcements, so if you're comparing three banks, do it all in the same hour so you're looking at rates from the same moment.
Write down the rate, the account type (savings, money market, CD), and the date and time you checked. Banks sometimes advertise a rate that's only available for a limited time or only on deposits above a certain amount, so read the terms carefully. A rate that looks great might come with a catch.
You don't need to check every day. Rates usually move slowly unless the Fed is in the middle of a series of rate changes. Checking once a week or once a month is enough to spot trends and notice when a bank's rate has fallen behind the competition.
Frequently Asked Questions
Did the Federal Reserve change rates today?
The Federal Reserve only meets eight times a year on set dates to decide whether to change its benchmark rate. You can see the Fed's meeting schedule on federalreserve.gov. On days when the Fed doesn't meet, it doesn't change its rate. Your bank may still change the rate it pays you, but that's a separate decision from what the Fed does.
Why is my bank's rate lower than the rate I saw advertised?
Banks often advertise a promotional rate that's only available to new customers or on deposits above a certain amount. The rate you're earning on your existing account may be the standard rate, which is lower. Check your account details to see which rate applies to you, and read the terms when you opened the account to see if a promotional period has ended.
Can I lock in today's rate before it changes?
For savings accounts and money market accounts, no — the rate can change at any time after you open the account. For certificates of deposit (CDs), yes — the rate is locked in for the full term of the CD, which can be three months, one year, five years, or longer. If you want a may provide rate, a CD is the right product.
How often do banks usually change their rates?
There's no standard schedule. Some banks update rates daily, others weekly or monthly. It depends on the bank's strategy and how much the market is moving. During periods when the Fed is raising rates steadily, banks tend to move more often. During stable periods, rates may not change for weeks.
Should I move my money if my bank's rate drops?
Only if the new rate is significantly lower than what other banks are offering and you expect it to stay that way. Moving money takes time and effort. If the difference is small — say, 0.10% — it might not be worth the hassle. If your bank drops from 4.50% to 3.00% while competitors are at 4.75%, that's worth moving for.