Two savings accounts to consider if the Fed raises rates in September, and one to avoid

A possible Federal Reserve rate hike in September could give savers another reason to compare where they keep their money. The CME Group's FedWatch tool puts the likelihood of an increase at nearly 60%, and a 25-basis-point move could raise returns on some variable-rate accounts.

The same decision would not help borrowers already facing higher costs on mortgages, personal loans and credit cards. But for savers, a higher federal funds rate could push selected savings rates higher, potentially even before the Fed formally acts.

The article highlights high-yield savings accounts, which currently offer rates around 4.10%. Because those rates vary with market conditions, they could rise slightly if the Fed increases rates. The strongest offers generally come from online banks rather than local branches, so consumers are encouraged to research available accounts and compare their terms.

Money market accounts are presented as another option for people who want to manage their banking through a single account. Their top rate stood at 4.00% in early September, though that rate is also variable. The article says it will also identify one type of account to avoid when the goal is to earn as much interest as possible, but the supplied text ends before naming it.