Why is my rate of return in my bank savings account not going up as interest rates are going up? I thought they were the same? Anyone else have experience with this?

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Because the bank wants more profit for themselves!

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Great question! And without getting too much into monetary policy.... Fed rates are set by the Federal Reserve which banks use to charge each other to borrow money. A lot of times these rates move together, however, a Fed rate increase does not instantaneously change the rates the bank offers.

Other types of savings account have seen an increase this year such as online savings accounts and fixed annuities.

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If you want the fed rate, a money market or tbill fund will be better

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