? Individual banks change their lending and deposit rates at their own discretion. The only thing that's consistent is that most everyone raises/lowers their prime rate on the day that the Fed announces it is raising/lowering the fed funds rate, which only effects you if your loan or deposit is indexed to prime.
Alanm, I know that, but I also know that the cahnge of interest rate is anounced priorly, but I don't know where to get that info from... Thanks everyone who answered.
Cooltrader , Now I know why I couldn't get that user name. I see we are almost twins. Thanks for the link kooltarder
The Fed rate changes are announced on Tuesday FOMC meeting days at around 14:00-14:15 ET. It's usually broadcast live on CNBC, and should appear immediately on most financial news sites/wires. You can see the calendar at http://www.federalreserve.gov/fomc/ .