As the Federal Reserve has raised interest rates to try to cool inflation, some banks have improved their terms for savers as well. While the biggest national banks have yet to dramatically change the rates on their savings accounts (clocking in at an average of just 0.23%, according to Bankrate), some mid-size and smaller banks have made changes more in line with the Federal Reserve's moves. Online banks in particular which save money by not having brick-and-mortar branches and associated expenses are now offering savings accounts with annual percentage yields of between 3% and 4%, or even higher, as well as 4% or higher on one-year Certificates of Deposit (CDs).