When the Federal Reserve raises its policy rate, savings account and certificate of deposit (CD) rates often rise too—but usually not immediately, not by the same amount, and not at every bank. The Fed does not set the rate a bank pays on consumer deposits. Each institution adjusts offers according to its funding needs and competition, so a policy-rate increase creates upward pressure rather than a guaranteed matching increase.
Why deposit rates do not automatically match a Fed increase
The federal funds rate is a policy target for overnight lending among depository institutions. It is not a rate the Federal Reserve assigns to consumer savings accounts or CDs. Banks decide what to pay depositors, and they may pass through only part of a policy-rate increase or take time to adjust.
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Retail deposit rates are generally stickier than wholesale market rates, particularly early in a tightening cycle. Market rates can move in anticipation of expected policy changes, while rates offered to depositors may respond more slowly. The Federal Reserve described this pattern in its June 2017 analysis of short-term rates.
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In a historical comparison of common rate products using RateWatch data, the Federal Reserve found that after the first three 25-basis-point hikes in the 2015–2017 cycle—a cumulative 75 basis points—the six-month CD rate in the study had risen 6 basis points, while the checking-account rate had risen 1 basis point. These are averages for that studied period, not current quotes or a forecast for a particular bank or future cycle.
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A later Federal Reserve analysis compared 2021:Q4 with 2023:Q3. Over that period, domestic deposit funding costs increased 1.9 percentage points while the federal funds effective rate rose 5.25 percentage points. The figures measure aggregate bank funding costs, not the APY on a household account. The analysis also found that pass-through varied more across banks in the recent cycle than in the 2004 cycle, with lower deposit betas among larger banks in the sample. A deposit beta is the change in a deposit rate divided by the change in the effective federal funds rate.
These findings describe particular historical periods. They do not predict how quickly or how far an individual bank will change a particular offer. One institution may leave a rate unchanged while another uses a promotional rate to attract deposits.
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How savings accounts and CDs may respond differently
Savings accounts
Savings deposits include familiar passbook and statement savings accounts as well as money market deposit accounts under the Federal Reserve’s regulatory definition. These are non-maturity deposits, and their rates are commonly variable; check the account terms to confirm how and when the rate can change. A bank can adjust its offer without matching a Fed move point for point.
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Certificates of deposit
CDs have a stated term, and banks can change the rates they offer on new CDs as market conditions and funding needs change. A CD opened at a fixed rate generally retains its contractual rate until maturity; check the agreement for the specific account’s terms. A new offer may therefore differ from the rate on a CD you already hold.
The Federal Reserve’s 2017 sample found that longer-maturity retail deposits moved more than checking and savings rates, though the increases were modest. That historical result does not mean every CD term will respond more than every savings account in a later cycle.
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What can make banks’ responses differ
Deposit pricing reflects more than the Fed’s latest announcement. A bank’s need for funding and the competition it faces can affect both the size and timing of rate changes. Customers who move money toward better offers add competitive pressure. The Federal Reserve’s Commercial Bank Examination Manual, February 2026 edition, notes that banks monitor rate-sensitive channels such as CD listing services and online deposits offering premium rates.
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Compare offers using the same balance and the date you are shopping; rates and terms change frequently. Check these details before moving money:
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- APY and conditions: Compare the annual percentage yield, minimum balance, fees, and any requirements for earning the advertised rate. Check whether an offer is promotional.
- Rate type and access: Confirm whether the savings rate is variable and review the CD’s fixed-rate terms and maturity date.
- Early withdrawal: For a CD, read the early-withdrawal terms and consider whether you may need the money before maturity.
- Institution and coverage: Verify the institution and applicable deposit-insurance coverage before transferring funds.
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