Interest Rates Reach Record Highs as Fed Battles Inflation

The Federal Reserve has raised interest rates significantly in 2022 to combat high inflation.
Savings accounts, CDs, and checking accounts now offer over 5% APY at many banks.
A top CD rate of 6% APY is available, with additional regional offers reaching 6.25%.
Consumers looking to maximize savings should shop around for the highest rates.
Further Fed rate hikes remain possible in late 2022 and 2023 as high inflation persists.