FRED · Updated monthly
Federal Funds Rate History
The Fed Funds effective rate from pandemic-era lows through the fastest hiking cycle in 40 years — and what every shift meant in dollars for savers and borrowers.
Current rate
3.63%
Aug 2026
Archive high
5.33%
Since 2020 archive
Pandemic low
0.07%
Mar 2021
Fed Funds Effective Rate (FRED — monthly)
Source: Federal Reserve Bank of St. Louis. Effective rate is the weighted average of overnight federal funds transactions.
What each 25bps cut costs your savings account
High-yield savings rates typically move within 30 days of a Fed cut. A 25bps cut at today's best rate (4.20% APY) reduces your annual interest by:
$10k balance
−$25/yr
per 25bps cut
$25k balance
−$63/yr
per 25bps cut
$50k balance
−$125/yr
per 25bps cut
$100k balance
−$250/yr
per 25bps cut
The inverse is also true: a hold or hike preserves or increases your yield. Lock in a CD if you expect cuts — see top CD rates.
Monthly rate history
All values are the monthly effective rate (FEDFUNDS series, FRED).
| Month | Rate |
|---|---|
| Aug 2026 | 3.63% |
| Jul 2026 | 3.63% |
| Jun 2026 | 3.63% |
| May 2026 | 3.63% |
| Apr 2026 | 3.64% |
| Mar 2026 | 3.64% |
| Feb 2026 | 3.64% |
| Jan 2026 | 3.64% |
| Dec 2025 | 3.72% |
| Nov 2025 | 3.88% |
| Oct 2025 | 4.09% |
| Sep 2025 | 4.22% |
| Aug 2025 | 4.33% |
| Jul 2025 | 4.33% |
| Jun 2025 | 4.33% |
| May 2025 | 4.33% |
| Apr 2025 | 4.33% |
| Mar 2025 | 4.33% |
| Feb 2025 | 4.33% |
| Jan 2025 | 4.33% |
| Dec 2024 | 4.48% |
| Nov 2024 | 4.64% |
| Oct 2024 | 4.83% |
| Sep 2024 | 5.13% |
| Aug 2024 | 5.33% |
| Jul 2024 | 5.33% |
| Jun 2024 | 5.33% |
| May 2024 | 5.33% |
| Apr 2024 | 5.33% |
| Mar 2024 | 5.33% |
| Feb 2024 | 5.33% |
| Jan 2024 | 5.33% |
| Dec 2023 | 5.33% |
| Nov 2023 | 5.33% |
| Oct 2023 | 5.33% |
| Sep 2023 | 5.33% |
| Aug 2023 | 5.33% |
| Jul 2023 | 5.12% |
| Jun 2023 | 5.08% |
| May 2023 | 5.06% |
| Apr 2023 | 4.83% |
| Mar 2023 | 4.65% |
| Feb 2023 | 4.57% |
| Jan 2023 | 4.33% |
| Dec 2022 | 4.10% |
| Nov 2022 | 3.78% |
| Oct 2022 | 3.08% |
| Sep 2022 | 2.56% |
| Aug 2022 | 2.33% |
| Jul 2022 | 1.68% |
| Jun 2022 | 1.21% |
| May 2022 | 0.77% |
| Apr 2022 | 0.33% |
| Mar 2022 | 0.20% |
| Feb 2022 | 0.08% |
| Jan 2022 | 0.08% |
| Dec 2021 | 0.08% |
| Nov 2021 | 0.08% |
| Oct 2021 | 0.08% |
| Sep 2021 | 0.08% |
| Aug 2021 | 0.09% |
| Jul 2021 | 0.10% |
| Jun 2021 | 0.08% |
| May 2021 | 0.06% |
| Apr 2021 | 0.07% |
| Mar 2021 | 0.07% |
| Feb 2021 | 0.08% |
| Jan 2021 | 0.09% |
| Dec 2020 | 0.09% |
| Nov 2020 | 0.09% |
| Oct 2020 | 0.09% |
| Sep 2020 | 0.09% |
| Aug 2020 | 0.10% |
| Jul 2020 | 0.09% |
| Jun 2020 | 0.08% |
| May 2020 | 0.05% |
| Apr 2020 | 0.05% |
| Mar 2020 | 0.65% |
| Feb 2020 | 1.58% |
| Jan 2020 | 1.55% |
| Dec 2019 | 1.55% |
| Nov 2019 | 1.55% |
| Oct 2019 | 1.83% |
| Sep 2019 | 2.04% |
| Aug 2019 | 2.13% |
| Jul 2019 | 2.40% |
| Jun 2019 | 2.38% |
| May 2019 | 2.39% |
| Apr 2019 | 2.42% |
| Mar 2019 | 2.41% |
| Feb 2019 | 2.40% |
| Jan 2019 | 2.40% |
| Dec 2018 | 2.27% |
| Nov 2018 | 2.20% |
| Oct 2018 | 2.19% |
| Sep 2018 | 1.95% |
| Aug 2018 | 1.91% |
| Jul 2018 | 1.91% |
| Jun 2018 | 1.82% |
| May 2018 | 1.70% |
| Apr 2018 | 1.69% |
| Mar 2018 | 1.51% |
| Feb 2018 | 1.42% |
| Jan 2018 | 1.41% |
| Dec 2017 | 1.30% |
| Nov 2017 | 1.16% |
| Oct 2017 | 1.15% |
| Sep 2017 | 1.15% |
| Aug 2017 | 1.16% |
| Jul 2017 | 1.15% |
| Jun 2017 | 1.04% |
| May 2017 | 0.91% |
| Apr 2017 | 0.90% |
| Mar 2017 | 0.79% |
| Feb 2017 | 0.66% |
| Jan 2017 | 0.65% |
| Dec 2016 | 0.54% |
| Nov 2016 | 0.41% |
| Oct 2016 | 0.40% |
| Sep 2016 | 0.40% |