Hope that the Federal Reserve would continue its interest rate cut campaign had dimmed toward the end of 2024 as the bank hinted at a slower pace in 2025. And that was made official on Wednesday when the Fed held its first meeting of the year,

The Fed meets eight times a year to assess the health of the US economy and vote on the federal funds rate, the rate banks use to lend and borrow money. While the Fed's decision to change rates doesn't directly affect savings rates, changes in APYs typically follow. The changes can take several weeks or even months to take effect.

The Federal Reserve’s decision on Wednesday to keep its overnight bank lending rate where it is — following a full percentage point cut last year — means you still have an opportunity to enjoy solid,