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Why doesn't my savings rate match the Fed funds rate?

The Fed funds rate is 3.88%, but the national average savings account pays just 0.38%, a pass-through gap of about 3.50 points. Top-tracked online banks pay closer to the full rate, at 4.40%.

This figure comes directly from Federal Reserve (FRED) and SwitchWize live rate data, refreshed from live rate data — not a fixed estimate. It is not personalized financial advice; your own best move depends on your bank, balance, and goals.

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Reviewed November 10, 2026 by the SwitchWize Research Desk.

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