Higher interest rates means higher mortgage, car payments and Lines of credit as interest fees go up. You have to find another savings medium at your banks or credit unions. Over here I use Guaranteed Income Savings. They are not great interest but better than nothing. Some go 1 year and up to 5 years. If you keep them 5 yo interests are a bit higher. By all means not like savings of the days gone by. I do remember paying a student loan with interest rate of 12.5 %!!! Don't want that today. It would be very hard on all of us!