Opening a CD in early October could be a financially savvy move for some savers. BORIS KOZLOV/Borislav/Getty Images

There's a lot to consider for both borrowers and savers after an interest rate cut is issued, as it was earlier in September by the Federal Reserve. For borrowers, a reduction, even in a minimal amount, opens new windows of opportunity to borrow at a lower cost or to refinance existing debt at a lower rate. And that's what many have already started to do, as demonstrated by a recent surge in mortgage refinancing .

For savers, however, there's an understandable cause for concern. Lower rates, after all, will reduce their interest-earning opportunities. And those have already been declining over the past year, as the Fed has now issued four rate cuts dating back to

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