Interest rates are going up. So why is your savings account still paying 0.13%?

Interest rates are rising, with the Federal Reserve on Wednesday boosting its benchmark rate for the fifth time this year to a target of 3.25%. But Americans hoping to profit from a similar rise in their savings accounts rates have been out of luck this year. 

To be sure, savings account rates have increased, but they are lagging the pace set by the Federal Reserve — as well as the hikes witnessed in other interest-based products, like mortgages and credit card rates, which have both surged this year. 

The average brick-and-mortar savings accounts paid a scant 0.13%, according to Bankrate's September 21 weekly survey of institutions. By comparison, mortgage lenders are now charging above 6%, a level not seen since 2008, while credit cards are charging 21.59% APRs for new cards, two percentage points higher than at the start of the year, according to LendingTree.