What the Fed News Means for You, and Choosing a New Bank

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 3 October 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Fed has been in the news a lot lately, raising interest rates and causing recession fears. But what, exactly, do the interest rate hikes mean for various parts of your finances, like your savings and credit cards? We give you the rundown to start off this episode. Then we answer a listener’s money question about how to choose a new bank — including how to find one that fits your family’s needs. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Timestamps: This Week in Your Money segment: 0:00 - 10:02 Money Question segment: 10:03 - 26:33 Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Prime Video brings thrilling entertainment.
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0:22.6	Whatever you're into, it's right here.
0:25.6	Prime Video.
0:26.6	Click or tap the banner to find out more.
0:33.6	The Fed and its interest rate hikes have been in the news a lot lately, but decoding what it means for you and various aspects of your finances isn't always easy. And that's where we come in.
0:48.2	Welcome to the Nerd Wallet Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds.
0:54.2	I'm Liz Weston.
0:55.5	And I'm Sean Piles.
0:56.5	If you want the nerds to answer your money question, call or text us on the nerd hotline at 901-730 6373.
1:03.4	That's 901-730 NERD or email us at podcast at nerdwallot.com.
1:09.5	Subscribe to get new episodes in your feed every Monday.
1:12.2	And if you like what you hear, please leave us a review and tell a friend.
1:15.2	In this episode, we're answering a listener's question about switching banks, including how to find the best bank for your needs.
1:20.9	But first in our this week in your money segment, we're talking about how the recent Fed rate hike could impact different parts of your financial life.
1:29.0	We'll also touch on whether a recession is on the horizon. So at the Fed's latest meeting,
1:34.4	they increased the benchmark interest rate to 3.25%. And that is the highest it's been in 14 years.
	...

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