Interest rates change daily, and the rates you see depend on the type of account or loan, your bank, and current market conditions

There is no single "today's rate" because banks set their own rates within a range set by the Federal Reserve. A savings account at one bank might pay 4.5% while another pays 3.8%. A mortgage rate at a credit union might be 6.2% while a national lender quotes 6.5%. The Federal Reserve sets a target range for the federal funds rate — the rate banks charge each other overnight — but individual institutions decide what they offer you based on competition, their costs, and how much they want to grow each product.

The rates that matter to you are the ones your own bank or lender is offering right now. National averages exist and change constantly, but they are useful only for comparison. What matters is what you can actually get at the institutions where you bank or want to borrow.

Key Takeaways

  • Banks and credit unions set their own rates daily based on the Federal Reserve's target range and their own business decisions, so rates vary widely between institutions.
  • You can find current rates by visiting a bank's website directly, calling their customer service line, or using rate comparison sites that update multiple times per day.
  • The type of account or loan matters as much as the institution — a high-yield savings account at one bank may pay more than a money market account at another.
  • Rates on savings products tend to move upward when the Federal Reserve raises its target range and downward when it cuts.

Where to check rates for savings accounts and CDs

The fastest way is to go directly to the bank's website. Most banks display current rates for savings accounts, money market accounts, and certificates of deposit (CDs) on their homepage or in a rates section. You do not need to log in — these are public rates available to anyone. If you do not see them immediately, look for a link labeled "Rates," "Products," or "Open an Account."

For a quick comparison across multiple banks at once, rate comparison sites like Bankrate, DepositAccounts, and NerdWallet update their listings several times per day. These sites pull rates from banks' websites and let you filter by account type, term length (for CDs), and minimum deposit. The rates shown are current as of the time you view them, though they can change within hours.

If you already bank somewhere, call or visit in person and ask what rate you would receive on a new account. Some banks offer different rates to existing customers or based on your account balance. Online banks often have higher rates than brick-and-mortar banks because they have lower overhead costs.

Where to check rates for mortgages and personal loans

Mortgage rates are quoted by individual lenders and change throughout the day based on bond market movements. You can get quotes from your current bank, credit unions, mortgage brokers, and online lenders like Better, LendingTree, or Rocket Mortgage. Each quote is usually good for 24 to 48 hours, so if you are shopping, get multiple quotes on the same day to compare fairly.

Personal loan rates depend on your credit score, income, and the lender's underwriting. Banks, credit unions, and online lenders all publish their rate ranges on their websites, but your actual rate will be determined after you provide information and they check your credit. LendingClub, Upstart, and SoFi are common online sources; your bank or credit union can also quote you.

When comparing loan quotes, look at the annual percentage rate (APR), not just the interest rate. The APR includes fees and gives you the true cost of borrowing. A loan with a lower interest rate but higher fees might have a higher APR than one with a slightly higher rate but no fees.

Why rates change and how the Federal Reserve affects them

The Federal Reserve does not set the rates you receive directly. Instead, it sets a target range for the federal funds rate — the rate banks charge each other for overnight loans. When the Fed raises this range, banks' costs go up, so they typically raise the rates they offer on savings and charge on loans. When the Fed cuts the range, banks usually lower rates.

Banks also respond to market conditions. If many people are withdrawing money from savings accounts, banks may raise rates to attract deposits. If loan demand is weak, they may lower rates to attract borrowers. Competition matters too — if a competitor launches a high-yield savings account at 5%, other banks often match or beat it within days.

Economic data like inflation, employment, and GDP growth influence the Fed's decisions. You can follow the Fed's announcements on its website (federalreserve.gov) to understand when and why rate changes might happen, though the Fed does not announce changes to individual bank rates — only its own target range.

How to use rate information to make a decision

If you are saving, compare the rates you can get at different banks and choose based on both the rate and the account features. A slightly lower rate at a bank with no monthly fees and easy transfers might be better than a higher rate with restrictions. For CDs, longer terms usually pay higher rates, but you cannot access the money without a penalty, so lock in a rate only if you will not need the cash.

If you are borrowing, get quotes from at least three lenders before deciding. The difference between a 6.2% mortgage and a 6.5% mortgage is thousands of dollars over the life of the loan. For personal loans, a lower APR saves you money on interest, but also check whether the lender reports to credit bureaus — some do not, so the loan will not help your credit score.

Rates change constantly, so if you see a rate you like, act within the timeframe the lender quotes. For savings, you can usually open an account online in minutes. For loans, the quote is usually good for 24 to 48 hours, so do not wait weeks to decide.

Understanding rate terms you will see

The annual percentage rate (APR) is the yearly cost of a loan including interest and fees. It is the number to compare when shopping for loans because it shows the true cost.

The annual percentage yield (APY) is what a savings account will earn in a year, including compound interest. A savings account with 4.5% APY will earn more than one with 4.5% simple interest because interest compounds daily or monthly.

The introductory rate is a temporary rate offered for a set period, usually on credit cards or promotional savings accounts. After the intro period ends, the rate drops to the standard rate, which is usually much lower. Read the fine print to see when the change happens.

The fixed rate stays the same for the entire loan or account term. A fixed-rate mortgage keeps the same rate for 15 or 30 years. A fixed-rate CD keeps the same rate until maturity.

The variable rate changes over time based on market conditions or a benchmark like the prime rate. Adjustable-rate mortgages (ARMs) start with a lower fixed rate, then adjust periodically. Variable-rate savings accounts rates can go up or down.

Frequently Asked Questions

Do I need to open an account to see what rate a bank is offering?

No. Banks publish their rates publicly on their websites so you can compare before deciding. You do not need to log in or provide personal information to see current rates. You only provide information when you actually want to open an account or apply for a loan.

Why is the rate I was quoted different from the rate on the bank's website?

Rates change throughout the day, sometimes multiple times per hour. The rate you see online may have changed since you last checked. Also, some banks offer different rates based on your account balance, whether you are an existing customer, or other factors. Call the bank to confirm the rate you would actually receive.

If rates go down after I lock in a mortgage, can I get the lower rate?

Not automatically. You would need to refinance, which means applying for a new loan to pay off the old one. Refinancing costs money in fees and closing costs, so it only makes sense if the new rate is significantly lower. Some lenders offer a "rate lock" that lets you refinance once at no cost if rates drop within a set period, but this is rare and usually only on promotional offers.

How often do banks change their rates?

Banks can change rates at any time, and many do so daily or multiple times per day. Savings account rates tend to move in response to Federal Reserve changes, but banks also adjust based on competition and their own funding needs. Loan rates move based on bond market conditions and can shift throughout the trading day.

Where can I see historical rate data to understand trends?

The Federal Reserve publishes historical data on its website (federalreserve.gov) showing its target range over time. Bankrate and other comparison sites also publish historical average rates for savings accounts, CDs, and mortgages so you can see how rates have moved over months or years.