The interest rate on your savings account is influenced by what the Federal Reserve does.
When the Federal Reserve raises rates, the interest rate on your savings account tends to go up, too.
The interest rate on a high-yield savings account fluctuates and isn't fixed.
This means if you open an high-yield savings account, its normal to see the interest rate go up or down over time.
If the Federal Reserve lowers interest rates, savings interest rates will usually drop.
Persons:
—, Marguerita Cheng, Cheng, they've, you've
Organizations:
Federal, Federal Reserve, Service, CFP, RICP, Blue, Global Wealth, FDIC