The Fed's cut is good news for borrowers but bad for savers.
Lenders cut the prime rate, the benchmark for many home-equity loans. Credit card rates should fall over the next few months. Those with adjustable-rate mortgages resetting soon will also benefit. Yet amid massive write-downs, banks have been slower to pass along rate cuts and have raised fees. And for savers, returns from conservative investments will continue to fall.
"Savers are taking it on the chin," Bankrate.com's Greg McBride says.