Rock-bottom rates have penalized savers. Money stashed in savings, certificates of deposit (CD) and money market accounts earned almost nothing during Covid (and for much of the past 14 years, for that matter). Measured against inflation, savers have lost money.

The good news, however, is that these savings rates will rise as the Fed moves interest rates higher. Savers will start to earn interest again.

But this takes time to play out. In many cases, especially with traditional accounts at big banks, the impact won't be felt overnight.

And even after several rate hikes, savings rates will still be very low -- below inflation and the expected returns in the stock market.