The Federal Reserve increased the prime interest rate a quarter point Wednesday, with most banks now setting their base rate at four point seven five percent.
Curt Everson, President of the South Dakota Bankers Association, says the increase was expected……

Everson says it will have an impact on all types of loans and credit card rates…..

Everson says there could be some benefits for consumers on savings accounts…..

The rate hike was the sixth increase since the Fed started tightening credit in December of 2015.