LOUISVILLE, Ky. (WDRB) -- With the Federal Reserve now starting to cut interest rates, that's expected to be a big help to home buyers and car shoppers.
It's not good news if you are banking for any interest from your bank.
Officials say the average savings bank interest rate in October 2025 is just 0.62%, just over half of 1%.
You don't have to accept that though! Some online banks are as much as 4% now on savings. Among them are Credit Karma, Capitol One, and Lending Club.
The government's I-Bonds, that follow the inflation rate, are currently 3.9% this fall.
There's still some legwork to do though, because if your money is just sitting in your bank account, more fed rate cuts this fall could mean even lower rates for your savings soon.
If you are reluctant to open a new account, especially with an online bank, visit your longtime bank and ask what better paying accounts they might have for you.
More area business stories:
Elizabethtown airport plans 200-acre expansion to boost safety, growth
Sazerac plans $38 million expansion at Northwest Ordinance Distilling in New Albany
Ford temporarily cuts SUV production at Kentucky Truck Plant after aluminum supplier fire
Italian restaurant to close Louisville location on Westport Road
