The Fed meets eight times a year to assess the health of the US economy and vote on the federal funds rate, the rate banks use to lend and borrow money. While the Fed’s decision to change rates doesn’t directly affect savings rates, changes in APYs typically follow. The changes can take several weeks or even months to take effect.

The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

The Fed will announce its interest rate decision on Wednesday. Nearly all expect them to cut rates because of weakening signs in the economy.