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
0.07%
Jan 2014
Archive high
5.26%
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 (4.40% 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 |
|---|---|
| Jan 2014 | 0.07% |
| Dec 2013 | 0.09% |
| Nov 2013 | 0.08% |
| Oct 2013 | 0.09% |
| Sep 2013 | 0.08% |
| Aug 2013 | 0.08% |
| Jul 2013 | 0.09% |
| Jun 2013 | 0.09% |
| May 2013 | 0.11% |
| Apr 2013 | 0.15% |
| Mar 2013 | 0.14% |
| Feb 2013 | 0.15% |
| Jan 2013 | 0.14% |
| Dec 2012 | 0.16% |
| Nov 2012 | 0.16% |
| Oct 2012 | 0.16% |
| Sep 2012 | 0.14% |
| Aug 2012 | 0.13% |
| Jul 2012 | 0.16% |
| Jun 2012 | 0.16% |
| May 2012 | 0.16% |
| Apr 2012 | 0.14% |
| Mar 2012 | 0.13% |
| Feb 2012 | 0.10% |
| Jan 2012 | 0.08% |
| Dec 2011 | 0.07% |
| Nov 2011 | 0.08% |
| Oct 2011 | 0.07% |
| Sep 2011 | 0.08% |
| Aug 2011 | 0.10% |
| Jul 2011 | 0.07% |
| Jun 2011 | 0.09% |
| May 2011 | 0.09% |
| Apr 2011 | 0.10% |
| Mar 2011 | 0.14% |
| Feb 2011 | 0.16% |
| Jan 2011 | 0.17% |
| Dec 2010 | 0.18% |
| Nov 2010 | 0.19% |
| Oct 2010 | 0.19% |
| Sep 2010 | 0.19% |
| Aug 2010 | 0.19% |
| Jul 2010 | 0.18% |
| Jun 2010 | 0.18% |
| May 2010 | 0.20% |
| Apr 2010 | 0.20% |
| Mar 2010 | 0.16% |
| Feb 2010 | 0.13% |
| Jan 2010 | 0.11% |
| Dec 2009 | 0.12% |
| Nov 2009 | 0.12% |
| Oct 2009 | 0.12% |
| Sep 2009 | 0.15% |
| Aug 2009 | 0.16% |
| Jul 2009 | 0.16% |
| Jun 2009 | 0.21% |
| May 2009 | 0.18% |
| Apr 2009 | 0.15% |
| Mar 2009 | 0.18% |
| Feb 2009 | 0.22% |
| Jan 2009 | 0.15% |
| Dec 2008 | 0.16% |
| Nov 2008 | 0.39% |
| Oct 2008 | 0.97% |
| Sep 2008 | 1.81% |
| Aug 2008 | 2.00% |
| Jul 2008 | 2.01% |
| Jun 2008 | 2.00% |
| May 2008 | 1.98% |
| Apr 2008 | 2.28% |
| Mar 2008 | 2.61% |
| Feb 2008 | 2.98% |
| Jan 2008 | 3.94% |
| Dec 2007 | 4.24% |
| Nov 2007 | 4.49% |
| Oct 2007 | 4.76% |
| Sep 2007 | 4.94% |
| Aug 2007 | 5.02% |
| Jul 2007 | 5.26% |
| Jun 2007 | 5.25% |
| May 2007 | 5.25% |
| Apr 2007 | 5.25% |
| Mar 2007 | 5.26% |
| Feb 2007 | 5.26% |
| Jan 2007 | 5.25% |
| Dec 2006 | 5.24% |
| Nov 2006 | 5.25% |
| Oct 2006 | 5.25% |
| Sep 2006 | 5.25% |
| Aug 2006 | 5.25% |
| Jul 2006 | 5.24% |
| Jun 2006 | 4.99% |
| May 2006 | 4.94% |
| Apr 2006 | 4.79% |
| Mar 2006 | 4.59% |
| Feb 2006 | 4.49% |
| Jan 2006 | 4.29% |
| Dec 2005 | 4.16% |
| Nov 2005 | 4.00% |
| Oct 2005 | 3.78% |
| Sep 2005 | 3.62% |
| Aug 2005 | 3.50% |
| Jul 2005 | 3.26% |
| Jun 2005 | 3.04% |
| May 2005 | 3.00% |
| Apr 2005 | 2.79% |
| Mar 2005 | 2.63% |
| Feb 2005 | 2.50% |
| Jan 2005 | 2.28% |
| Dec 2004 | 2.16% |
| Nov 2004 | 1.93% |
| Oct 2004 | 1.76% |
| Sep 2004 | 1.61% |
| Aug 2004 | 1.43% |
| Jul 2004 | 1.26% |
| Jun 2004 | 1.03% |
| May 2004 | 1.00% |
| Apr 2004 | 1.00% |
| Mar 2004 | 1.00% |
| Feb 2004 | 1.01% |