The Federal Reserve’s half-point rate cut will result in lower interest rates on various consumer financial products and interest-bearing accounts. But don’t expect Wednesday’s single cut — or even another moderate cut or two this year — to necessarily drastically alter your financial life in every way.

For borrowers, “rates are not going to fall fast enough to bail you out of a bad situation,” said Greg McBride, chief financial analyst at Bankrate.com.

“And for savers, these rate cuts won’t erase the benefit you got from rising rates in 2022 and 2023. Savers with competitive high-yielding accounts will still be way ahead of the game.”