Johanna Leggatt is the Lead Editor for Forbes Advisor, Australia. She has more than 20 years' experience as a print and digital journalist, including with Australian Associated Press (AAP) and The Sun ...

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The Federal Reserve sets the federal funds target rate, also known as the fed funds rate, which is the interest rate at which commercial banks lend to each other overnight. Below, CNBC Select explains ...

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.