2 Important 2025 Banking Changes Everyone Should Know About

Motley Fool11-03 21:00

KEY POINTSThe Federal Reserve has begun a rate-cutting cycle that's expected to last into 2025.This will reduce interest rates on bank accounts, which means smaller monthly interest payments.Borrowing...

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Here's what to expect.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4585":"ETF&股票定投概念","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4166":"消费信贷","BK4588":"碎股","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","BK4116":"互联网服务与基础架构","LU1861217088.USD":"贝莱德金融科技A2","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","COF":"第一资本","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","CD":"秦淮数据","BK4516":"特朗普概念"},"translate_title":"每个人都应该了解的2025年银行业的2项重要变化","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CD":1,"US7Y.BOND":0.9,"US6M.BOND":0.9,"US5Y.BOND":0.9,"COF":0.9,"US3Y.BOND":0.9,"US30Y.BOND":0.9,"US2Y.BOND":0.9,"US12M.BOND":0.9,"US10Y.BOND":0.9,"US912797HE00.BOND":0.6},"content_text":"KEY POINTSThe Federal Reserve has begun a rate-cutting cycle that's expected to last into 2025.This will reduce interest rates on bank accounts, which means smaller monthly interest payments.Borrowing money will get more affordable next year, but don't rush out to refinance right away.The last couple of years have been odd for banks. Rising interest rates brought savings account rates like these to extreme highs, and borrowing money became so expensive that some people have had to rethink their plans for home buying and other big decisions.But slowly, the tide is starting to turn. While we can't predict exactly where bank interest rates will wind up next year, we can be pretty certain that the following two changes are coming.1. Bank accounts will earn less interestSavings account and certificate of deposit (CD) interest rates have already dropped from their 5.00% APY highs, and they're expected to fall even further. Experts predict two more Federal Reserve rate cuts before the end of the year, followed by four additional cuts in 2025. Fed rate cuts don't directly affect bank account interest rates, but banks usually follow whatever the Fed is doing. It's almost certain that banks will swiftly lower their rates following the upcoming rate cuts, though your bank may not slash rates by the same amount.Our Picks for the Best High-Yield Savings Accounts of 2024American Express® High Yield SavingsAPY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 3, 2024      Min. to earn$0Open Account for American Express® High Yield SavingsOn                          American Express's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 3, 2024      Min. to earn$0Capital One 360 Performance SavingsAPY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0Open Account for Capital One 360 Performance SavingsOn                          Capital One's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0CIT Platinum SavingsAPY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYOpen Account for CIT Platinum SavingsOn                          CIT's             Secure Website.                                                  Member FDIC.                                              APY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYSavings accounts will feel this the worst because their interest rates are variable. However, if you open a Discover® Online Savings account, you can rest assured that even if rates fall, you'll continue to earn a rate that's well above the national average no matter what happens. This is true of all high-yield savings account rates.CD owners won't notice changes right away because CD rates are usually locked in for the full CD term. However, those hoping to open new CDs would do well to act quickly before the next rate cut, expected on Nov. 7. If you wait longer than this, you'll probably have to settle for a lower rate than what's available today.2. Borrowing money will become more affordableThough the loss of bank account interest is disappointing, it could be mostly or entirely offset by a cheaper cost of borrowing for those who currently have or plan to take out a loan in the near future. Expect to see mortgage rates, personal loans, and other types of loans become more affordable throughout 2025.If you hope to refinance your existing mortgage, consider waiting until at least halfway through 2025. Refinancing comes with closing costs, so you only want to do it once during this rate-cutting cycle. By waiting until a few more rate cuts have happened, you'll be able to secure a lower rate.If you're planning a new home purchase, consider holding off until 2025 if you can. If not, you may want to consider a refinance down the road as well. Just because it's not time to make your move yet doesn't mean you can't compare some of the top refinancing lenders. Many let you to get prequalified online without hurting your credit score, so you can get a sense of which offers you the best rates. Then, keep checking back every month or two to see where rates are. When they get to a level you're comfortable with, go ahead and apply. Just bear in mind that when rates drop, a lot of people try to refinance and that can lead to a backlog of home appraisals. It may take a little longer than expected to complete this process. If you have any questions about what you should do, reach out to your bank or a refinancing lender you're considering to discuss your options.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480436141"}