Where to find today's rate changes

Interest rates change throughout the day, and the most reliable place to see what happened today is the Federal Reserve's official website at federalreserve.gov. The Fed publishes the federal funds rate — the rate banks charge each other for overnight loans — after each policy meeting, which happens roughly every six weeks. On days between meetings, this rate does not change.

For savings accounts, money market accounts, and certificates of deposit (CDs), rates move independently of the federal funds rate. Banks set their own rates based on competition, funding costs, and their own business decisions. To see whether a specific bank or credit union dropped rates today, you need to check their website directly or call their customer service line. There is no single dashboard that tracks every institution's rate changes in real time.

If you are watching rates because you are deciding where to move money, bookmark the sites you are comparing and check them on the same day each week. This gives you a clearer picture than checking once a day, since rates can fluctuate by small amounts without a meaningful trend.

Key Takeaways

  • The federal funds rate only changes after Federal Reserve policy meetings, which happen roughly every six weeks, not daily.
  • Banks and credit unions set their own rates for savings accounts and CDs independently, so you must check each institution's website to see if they dropped rates today.
  • Checking rates on the same day each week gives you a clearer picture of trends than daily checking.
  • Historical rate data for major banks is available through financial data sites like the Federal Reserve's own rate tracking pages and third-party aggregators.

Why the federal funds rate matters but does not directly set your savings rate

When people ask whether rates dropped today, they often mean the federal funds rate. This is the interest rate the Federal Reserve targets for banks to charge each other on overnight loans. The Fed's policy committee meets eight times per year on a set schedule, and the rate only changes on those meeting days — not daily.

Your savings account rate, CD rate, or money market rate is not the same as the federal funds rate. Banks use the federal funds rate as a reference point, but they set deposit rates based on what they need to attract money and what they can afford to pay. When the Fed raises or lowers its rate, banks usually follow within days or weeks, but the timing and size of the change is up to each bank. Some banks move quickly; others lag behind.

How to track rate changes at your bank

If you have money in a savings account or CD, the fastest way to see whether your bank dropped rates is to log into your online account. Most banks display the current rate on the account summary page. Write down the rate you see today, then check again in a week. If the number is lower, your bank has dropped rates.

For CDs, the rate that matters is the one offered on new CDs, not the rate on CDs you already own. Once a CD matures, you can move the money to a new CD at the current rate, but your existing CD's rate is locked in and will not change. If you are shopping for a new CD and want to know whether rates dropped today compared to yesterday, call the bank directly or check their CD rates page online.

Credit unions often move rates differently than banks. If you use a credit union, check their website or call their member service line. Credit unions are member-owned, so their rate decisions can be less predictable than those of large national banks.

Using rate comparison tools to spot trends

Websites like Bankrate, DepositAccounts, and the Federal Reserve's own data pages show historical rate information for major banks and CDs. These sites do not update every hour, but they do track changes over days and weeks. You can use them to see whether rates at a particular bank have moved down recently, even if you cannot see minute-by-minute changes.

The Federal Reserve publishes a weekly survey of deposit rates at selected banks on its website. This data lags by a few days but gives you an official picture of what rates look like across the banking system. If you are trying to decide whether to move money now or wait, this survey can help you see whether the overall trend is down or up.

What to do if rates dropped at your bank

If your bank dropped rates on savings accounts, you have a few options. You can move your money to a bank or credit union offering higher rates. You can also wait to see whether rates stabilize or move back up, though this carries the risk that rates drop further. There is no penalty for moving money out of a savings account, so switching is always an option if you find a better rate elsewhere.

If rates dropped on CDs you already own, you cannot change the rate — it is locked in until maturity. When your CD matures, you can shop around and move the money to a CD at a different institution if rates are higher there. Some people set calendar reminders for their CD maturity dates so they do not forget to compare rates when the time comes.

Understanding rate drops in context

A single day's rate drop at one bank does not necessarily mean rates are falling across the system. Banks sometimes adjust rates in small increments without any change in the federal funds rate. To know whether rates are actually falling, look at the trend over two to four weeks rather than a single day.

If the Federal Reserve has recently lowered the federal funds rate, you can expect most banks to lower their deposit rates within one to three weeks. If the Fed has not changed its rate, any drops you see are the bank's own decision, usually because they have enough deposits and do not need to offer higher rates to attract more money.

Frequently Asked Questions

Does the Federal Reserve change interest rates every day?

No. The Federal Reserve's policy committee meets eight times per year on a scheduled calendar. The federal funds rate only changes on those meeting days. Between meetings, the rate stays the same. You can find the Fed's meeting schedule on federalreserve.gov.

If the Fed did not change rates today, why did my bank's rate drop?

Banks set their own deposit rates independently. A bank may lower rates because it has enough customer deposits and does not need to offer higher rates to attract more money. This can happen any day, regardless of what the Federal Reserve does.

How long does it take for a Fed rate change to show up in my savings account?

Most banks adjust their deposit rates within one to three weeks of a Federal Reserve rate change. Some move faster; others move slower. There is no rule requiring them to match the Fed's move immediately.

Should I move my money if rates dropped at my bank?

Compare your bank's current rate to what other banks and credit unions are offering. If you find a significantly higher rate elsewhere and you do not have other reasons to stay with your current bank, moving is worth considering. Switching savings accounts has no penalty.

Can I lock in a rate before it drops further?

Yes, by opening a CD. CDs lock in a rate for a set term — usually three months to five years. Once you open a CD, that rate does not change, even if the bank lowers rates later. However, if rates rise, you will be stuck with the lower locked-in rate until the CD matures.