“In the past few months we’ve already started seeing increases to the interest rates that banks are offering on deposit accounts, but it’s likely that we’ll see even more now that the Fed has announced a rate hike,” says Chanelle Bessette, banking specialist at Nerdwallet. Adds Ken Tumin, founder of DepositAcounts.com: “Several online banks have recently increased their savings account rates in the last two months, even before the first Fed rate hike,” adds Ken Tumin, founder of DepositAcounts.com — with potentially more increases to come, pros say.

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