Interest rates have been rising for a simple reason: to partially compensate for the loss of value of money due to inflation. Eric Swanson, professor of economics at the University of California, Irvine, thinks that the primary beneficiaries are people living off a fixed income from savings, like many retirees. "Higher CD rates and saving account interest rates increase the monthly returns they will earn on their savings," he told International Business Times in an email.

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