Author

Consumer Finance Analyst

Health Research Analyst, MSc — Data Science

The Health Research Analyst behind Firsthand is a data scientist (MSc) who evaluates clinical evidence — not a physician, and not a marketer. Their work centers on reading the primary research directly: peer-reviewed studies indexed on PubMed, trial data from NIH registries, and safety communications from regulators. Randomized controlled trials are weighted above observational studies, and observational studies above anecdotes, in every analysis published on this site.

That analyst's lens shapes how Firsthand covers supplements, telehealth providers, and health products: claims are traced back to the studies behind them, effect sizes are put in plain language, and weak or missing evidence is called out rather than papered over. Nothing written here is medical advice — health content is checked by a medical reviewer before it reaches money pages, and readers are always pointed to their own clinicians for decisions about their care.

Articles by Consumer Finance Analyst

Money News

What the Fed's Rate Decisions Mean for Your Savings APY

When people say "the Fed raised rates" or "cut rates," they are usually referring to a decision by the Federal Open Market Committee about the federal funds rate — and that decision can ripple through to the APY on your savings account. The Federal Reserve defines the federal funds rate as the interest rate at which depository institutions lend balances held at the Federal Reserve to one another overnight. The FOMC, which holds eight regularly scheduled meetings per year, sets a target range for this rate. The FOMC does not directly set the interest rate your bank pays you. Instead, it uses open market operations to influence the supply of and demand for reserve balances, steering the effective federal funds rate into its target range. Because that rate anchors the broader cost of short-term money in the banking system, banks tend to adjust the yields they offer on deposit accounts in the same general direction over time. In practice, this means deposit APYs often drift higher after the FOMC moves its target range up, and lower after it moves the range down — but the timing, size, and pass-through vary by bank and product, and are never guaranteed. Rates on variable products like savings and money market deposit accounts can change at any time, while a CD locks in its rate for the term. To see where policy stands, check the Federal Reserve's own statements rather than secondhand summaries: the FOMC publishes its target range and meeting statements at federalreserve.gov. This is educational information, not financial advice.

High-Yield Savings

HYSA vs. Money Market Accounts vs. CDs: Which Savings Vehicle Fits

High-yield savings accounts, money market deposit accounts, and certificates of deposit are all bank deposit products — and when held at an FDIC-insured bank, each is insured up to at least $250,000 per depositor, per ownership category. The differences come down to access and rate structure, not safety. A high-yield savings account (a savings account marketed with a competitive rate) and a money market deposit account both let you withdraw funds on demand and typically pay a variable rate that can change at any time. One naming trap is worth stressing: a money market DEPOSIT account (offered by a bank and FDIC-insured) is not the same thing as a money market FUND. The U.S. Securities and Exchange Commission notes that a money market fund is a type of mutual fund and has no FDIC insurance; as with any investment, you can lose money. If you are choosing among insured savings vehicles, confirm you are looking at a bank deposit account, not a fund. Certificates of deposit trade liquidity for rate certainty. Investor.gov describes a CD as a savings account that holds a fixed amount for a fixed term, after which you receive your principal plus interest. In exchange for locking the money up, you generally accept an early-withdrawal penalty for taking funds out before maturity — the bank's disclosure statement should spell out that penalty before you commit. The practical tradeoff: savings and money market deposit accounts keep your cash liquid but leave the rate free to move, while a CD fixes the rate for the term at the cost of easy access. This is educational information, not financial advice.

High-Yield Savings

How FDIC Insurance Actually Works

If an FDIC-insured bank fails, your covered deposits are protected up to at least $250,000 — automatically, with no application required. The Federal Deposit Insurance Corporation sets that standard limit as $250,000 per depositor, per insured bank, per ownership category. The last phrase matters: because coverage is calculated separately for each ownership category, the same person can be insured for more than $250,000 at a single bank when funds are held in different categories (for example, single accounts and joint accounts are insured separately). Coverage applies to deposit products: checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs). It does not extend to investment products even when bought at a bank — stocks, bonds, mutual funds, annuities, life insurance policies, crypto assets, and the contents of a safe deposit box are not FDIC-insured. To see exactly how the rules apply to your own accounts, the FDIC offers a free tool called EDIE, the Electronic Deposit Insurance Estimator, at edie.fdic.gov. It lets you enter your accounts and ownership categories to calculate your insured and any uninsured amounts. This article is educational and not financial advice; confirm details for your situation against the FDIC's official resources.