Gap narrows between US base rate and dollar savings accounts

However, savings rates, like the Fed funds rate, are on a downward trend, falling from an average 4.55% to 4.17% from 31 July to 21 November. Two Federal Reserve rate cuts during this period lowered the US base rate from 5.25% to 4.50%. On 21 November 46% of accounts were matching or bettering the Fed funds rate of 4.50%, though as this was cut a further 25 basis points to 4.25% on Tuesday, the rates on offer are likely to decline too.