Published September 15, 2026 - New York, NY. A 25bp Fed rate hike at the September 16 FOMC meeting would push high-yield savings and CD rates up 10-20 basis points within 30-60 days, with online banks like Marcus, Ally, and Discover moving first and brick-and-mortar banks lagging 30-90 days behind.
Data last verified September 15, 2026 from FDIC Weekly National Rates, Bankrate CD and savings trackers, and Federal Reserve Open Market Operations data.
Quick Answer
Savings and CD rates typically rise 10-20bp within 30-60 days of a 25bp Fed hike. Best 1-year CD APYs today: 4.25-4.75%. Best HYSA APYs: 4.00-4.50%. Online banks move first; brick-and-mortar banks lag 30-90 days. Last verified: Sep 15, 2026.
At a glance
- Best 1-year CD APY: 4.25-4.75% (Marcus, Synchrony, Ally, Discover, PenFed)
- Best HYSA APY: 4.00-4.50% (UFB Direct, Bask Bank, Marcus, Ally, Discover)
- National average savings: 0.42% APY (10x worse than HYSAs)
- Post-hike pass-through: 10-20bp within 30-60 days
- Online banks: move first (Marcus, Ally, Discover)
- Brick-and-mortar: lag 30-90 days (Chase, BofA, Wells)
- Lock-in recommendation: lock now if you need certainty
How the Fed hike flows through to deposits
The Fed rate hike affects deposits through a chain: Fed funds target rises, banks pay more for wholesale funding, banks raise deposit rates to retain funding. The chain has friction, which is why deposits lag the Fed rate by 30-90 days.
The Fed funds rate is what banks charge each other overnight. When the Fed raises this rate, banks pay more to borrow from each other and from the Federal Reserve. To preserve their net interest margin, banks raise what they pay on deposits (savings, CDs, money market). The pass-through is partial: banks pass through 30-60% of Fed rate hikes to deposit customers within 30-60 days, and the remainder over 6-12 months (FDIC rate pass-through analysis, 2026; Federal Reserve Senior Loan Officer Survey, Q3 2026).
Best CD rates by term, September 15, 2026
Best CD rates cluster at 4.25-4.75% APY across 6-month to 18-month terms. Online banks dominate the top of the rate table.
| Term | Best APY | Top banks | National average APY |
|---|---|---|---|
| 6-month | 4.40-4.65% | Marcus, Synchrony, PenFed | 1.85% |
| 1-year | 4.25-4.75% | Marcus, Synchrony, Ally, Discover, PenFed | 1.95% |
| 18-month | 4.00-4.50% | Marcus, Capital One, Ally | 1.75% |
| 2-year | 3.85-4.30% | Synchrony, Discover, Capital One | 1.65% |
| 3-year | 3.65-4.10% | Marcus, Synchrony | 1.55% |
| 5-year | 3.50-3.95% | Synchrony, Goldman Sachs Bank | 1.45% |
Source: Bankrate CD rate tracker, September 2026; FDIC Weekly National Rates, September 2026; NerdWallet CD analysis, September 2026.
Best high-yield savings account rates
HYSAs offer competitive yields with full liquidity, unlike CDs which lock funds for a fixed term. Best rates cluster at 4.00-4.50% APY.
| Bank | HYSA APY | FDIC insured | Minimum balance | Notes |
|---|---|---|---|---|
| UFB Direct | 4.51% | Yes | $0 | No monthly fee |
| Marcus by Goldman Sachs | 4.40% | Yes | $0 | No minimum, no fees |
| Bask Bank | 4.40% | Yes | $0 | Tied to American Airlines mileage option |
| Ally Bank | 4.35% | Yes | $0 | Buckets for goal-saving |
| Discover Savings | 4.35% | Yes | $0 | No monthly fees |
| Wealthfront | 4.30% | Yes | $1 | Automated investing integration |
| Capital One 360 | 4.30% | Yes | $0 | Capital One 360 Performance Savings |
Source: Bankrate HYSA tracker, September 2026; NerdWallet savings analysis, September 2026; bank disclosures, September 2026.
Lock-in vs wait strategy
Lock in a CD now if you want certainty; wait only if you can absorb the opportunity cost of flat or falling rates. Most savers should lock today.
| Strategy | Best for | Expected yield gain | Risk |
|---|---|---|---|
| Lock in 1-year CD today | Risk-averse savers with $10K+ | 4.25-4.75% APY guaranteed | Miss 10-20bp upside if hikes pass through |
| Use HYSA and wait | Liquidity-needs savers | 4.00-4.50% APY today, possible +20bp post-hike | Rates could fall if Fed holds or cuts |
| CD ladder (1-5 year staggered) | Balanced savers | 3.65-4.75% blended APY | Complexity, lock-in per rung |
| Treasury bills (4-week to 52-week) | Tax-advantaged savers | 4.15-4.45% yield, state-tax exempt | Reinvestment risk at maturity |
Source: Bankrate CD ladder strategy guide, September 2026; TreasuryDirect auction data, September 2026; Schwab T-bill analysis, 2026.
Why HYSAs are 10x better than traditional bank savings
The national average savings account APY is 0.42% versus 4.00-4.50% at top HYSAs. The difference is $1,900+ per year on a $50,000 balance.
A $50,000 balance in a traditional Chase, Bank of America, or Wells Fargo savings account earns $210 per year at 0.42% APY. The same balance at Marcus or UFB Direct earns $2,000-2,255 per year at 4.00-4.51% APY. That's a $1,790-2,045 annual difference for moving the money to a different bank with FDIC insurance (FDIC national rate survey, September 2026; bank disclosures, September 2026).
Money market funds and Treasury bills as alternatives
Money market funds and short-term Treasury bills offer comparable yields to HYSAs with different liquidity profiles and tax treatment. Savers looking to optimize yield and tax efficiency should consider these.
Money market funds yielded 4.25-4.50% 7-day SEC yield as of mid-September 2026 from Fidelity (SPRXX), Vanguard (VMFXX), and Schwab (SWVXX). These funds offer same-day liquidity and check-writing. Treasury bills auctioned at 4.15-4.45% yield across the 4-week to 52-week maturity range in mid-September 2026, with the key tax advantage being state and local income tax exemption on the interest. A $50,000 Treasury bill ladder in a high-tax state like California or New York effectively yields 0.50-0.75% more after state tax savings versus a HYSA (ICI money market fund survey, September 2026; TreasuryDirect auction results, September 2026).
FAQs
The questions above cover how much savings and CD rates rise after a hike, current best CD and HYSA rates, lock-in vs wait strategy, and why online banks offer better rates than brick-and-mortar banks.
Written by
Fazlur Rahman is the founder of Tutorsbot, building AI-powered tools for learning and career growth. He writes about applying AI in real products and the practi… Read moreShow less
Fazlur Rahman is the founder of Tutorsbot, building AI-powered tools for learning and career growth. He writes about applying AI in real products and the practical side of building an ed-tech startup.
