GREENSBORO, N.C. — The Federal Interest Rate has been hiked up once again. If you're a saver, the high-interest rate is great for you, if you move your money.
Right now, a jar of money at home and most in-person banks are giving you about the same amount of interest on your money. For some banks, the savings interest rate is .01%. Basically, your money is sitting there and gathering dust.
Yet, online banks are offering from 3.6% to 4% interest rates on savings accounts. Your money is actually making some money. Cash in while you can.
Nerdwallet continuously updates its list of high-yield savings accounts and what the terms are.
GOT A CREDIT CARD?
All credit card holders need to pay attention because every interest rate hike impacts them.
"When the fed raises interest rates, it really kicks in quickly. They don't have to give you any advanced notification and that interest rate hike applies to currently held balances as well as future balances. So, that's part of why it's such a big deal,” said Matt Shulz, of Lending Tree.
A small percentage of people pay off their credit cards every month. Right now, it's estimated Americans hold $986 dollars in credit card debt. Which means a lot of us are paying more every single month.
If you have good credit, you can transfer balances to a card with an introductory zero-percentage rate.
If you don't qualify for that, a lower-interest personal loan can also help. I know this sounds impossible but ask your card issuer for a lower rate.
Lending Tree says of the folks surveyed, 70% of customers who asked got a lower rate last year.