What to do with your money now that the Fed just raised rates for the ninth time | CNN Business

That increase — which comes after US regulators undertook a number of confidence-boosting efforts to backstop banks and ensure liquidity — will have an effect on consumers’ savings, loans, credit cards and investments. “Returns on savings accounts and CDs are the best in 15 years,” said Greg McBride, chief financial analyst for Bankrate.com. “But the average credit card rate is now at a record high above 20%, auto loan rates are at a 12-year high and mortgage rates are still north of 6.5%.

with another lender at a lower promotional rate, McBride suggested. The variable rate on a home equity line of credit or a fixed rate on a home equity loan will rise because their formulas are directly tied to the Fed’s rates. The average home equity loan was running at 8% as of March 15, well above the 6.19% in mid-March of last year.

rates, meanwhile, are currently averaging 7.76%, much higher than the 3.96% average a year ago, according to Bankrate. Your investments: Take advantage of better fixed income returns There is no predicting yet how long interest rates will stay high or whether more tumult is in store for markets as a result of recent bank failures. “Rising rates are part of the economic weather,” said Rob Williams, managing director of financial planning at Charles Schwab.

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