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In September, there was a lot of buzz in the weeks leading up to the Federal Reserve’s mid-month meeting. The Fed was expected to cut its benchmark interest rate for the first time in years. And sure enough, it made the decision to implement a rather aggressive half-point rate cut.

In light of September’s move coupled with economic factors like slowing inflation and a lackluster jobs report, the Fed was expected to make another rate cut at its Nov. 6-7 meeting. The question was, how large a cut would it make?

Today, we got an answer. The Fed just announced it’s lowering its benchmark interest rate by a quarter of a percentage point. And in light of that, here are a few important personal finance moves you should consider making.

1. Lock in a CD

CD rates aren’t going to tumble overnight following the Fed’s quarter-point rate cut. But they are likely to fall further.

As it is, 5% CDs became difficult to snag after the Fed’s September meeting. Soon enough, you may find it hard to find a 4.5% CD. So if you have money earmarked for a short-term goal, you may want to open a CD before rates fall even more.

Don’t just rush into that, though. Spend a little time shopping around so you can score the best possible rate. Click here for a list of the top CD rates today.

2. Shop around for a better interest rate on your savings

Unlike CDs, savings accounts don’t guarantee you a specific interest rate on your money. Since the Fed cut rates again, you can expect your savings account to start paying you a bit less in the coming weeks.

For that reason, it’s important to make sure you’re getting a good rate on your savings. Take the time to compare rates across different banks. And if you have your savings at a physical bank, you may want to move to an online bank.

Online banks tend to have lower overhead costs, so they’re commonly able to offer superior rates because of that. Click here for a list of the best high-yield savings accounts.

3. Boost your credit score so you can qualify for a loan

The Fed’s latest interest rate cut will hurt savers to some degree. But it’s a good thing for people looking to borrow money. In the coming weeks, borrowing rates may drop across a range of products, from auto loans to personal loans to mortgages.

That’s why now’s a good time to work on boosting your credit score. The higher that number is, the more likely you are to not only qualify for a loan, but lock in a more competitive interest rate.

There are a few ways to give your credit score a lift. First, make on-time payments on all your debts — payment history is the most important part of your credit score. Next, focus on reducing balances on your credit cards.

Finally, check your credit report from each of the three reporting bureaus — Experian, Equifax, and TransUnion. You’re entitled to a free copy from each bureau weekly, and correcting mistakes on your credit report could lead to a quick credit score increase.

Take action now

The Federal Reserve still has one more meeting on the calendar before the end of the year, and it’s scheduled for mid-December. But don’t wait until that point to make the moves above.

Lock in a CD now in case rates fall further next month, and shop around for a top savings account so you can earn the maximum amount of interest. And get working on boosting your credit score, since that could take a fair amount of time. The sooner you get started, the better.

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