Usually both go up, but not equally or instantly.

When people say “interest rates are going higher,” they’re typically referring to benchmark rates set or influenced by the Federal Reserve (like the federal funds rate). That change ripples through the entire financial system.

Borrowing rates (move first and fastest). These include: Credit cards, Auto loans, Mortgages and Business loans. Banks raise these quickly because higher benchmark rates increase their cost of lending. So borrowing becomes more expensive almost immediately.

Time deposit rates (CDs, savings) usually move more slowly or often by a smaller amount. Banks don’t rush to raise deposit rates unless they need to compete for customers’ money.