Savings Interest Rate Predictions 2024 Calendar. That peak level was set when the fomc last raised interest rates in july 2023. The national average rate for savings accounts will be 0.3 percent by the end of 2024, mcbride forecasts, while predicting an average of 0.35 percent for money market accounts.
The federal funds rate is the interest rate at which depository institutions—such as banks and credit unions—lend reserve balances to other depository institutions overnight. Here’s what the experts we spoke to predicted for savings rates in the months to come.