Key takeaways
Rates forhigh-yield savings accountsare falling quickly.
Overnight,Capital Onelowered its savings rate from 4% to 3.9%.
Citizens Bank went from 4.15% to 3.9%.
And now my own HYSA is at 3.85%, down from 4% earlier this week.
It’s clear that the days of high rates are coming to an end.
In fact, banks have already started lowering rates alongside the Federal Reserve’s cuts.
Otherwise, you may be losing out on growing your savings.
key in your information below to get CNET’s partners' best rate for your area.
After all, rates often move in lockstep with the Federal Reserve.
Similarly, when theFed cuts interest rates, banks tend to decrease their APYs.
Depending on the bank, the changes can take several weeks or even months to go into effect.
On Nov. 7, it lowered it even further to 5% APY.
And despite the latest inflation uptick, a third rate cut in December isn’t out of the question.
That could result in rates falling even further.
Fortunately, top savings accounts still offer rates far higher than thenational average.
But don’t wait too long to snag a great rate.
To earn interest on your short and long-term goals, Pavone suggests a tieredsavings strategy.
For long-term goals, she recommendsCDsortreasury bills.
Both still have competitive rates and some level of rate-lock protection to give you a guaranteed return.
“Feeling secure and prepared is as valuable as any percentage point of yield,” she said.
Each account received a score between one (lowest) and five (highest).
None of the banks on our list charge monthly maintenance fees.
Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.
*APYs as of Nov. 22, 2024, based on the banks we track at CNET.
**This week’s APY as of Nov. 18, 2024.
Based on the banks we track at CNET.
***Weekly percentage increase/decrease from Nov. 11 to Nov. 18, 2024.
