Key Takeaways
The end of the year is fast approaching.
Since last year, APYs have already fallen from their 6% highs.
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TheFed started cutting interest rates in Septemberas inflation cooled.
Since then, savings account APYs have been dropping steadily.
However, savings rates can rise and fall for other reasons.
After the Fed’s first rate cut in September, many CNET-tracked banks started lowering their savings account rates.
On Nov. 7, it lowered it even further to 5.00% APY.
Last week, its APY dropped to 4.75%.
The Federal Reserve also considers other data points, such as the unemployment rate.
High-yield savings accounts still offer rates that far outpace traditional savings accounts – more than 10 times thenational average.
So there’s no time to waste if you want to pad youremergency fundor start asinking fund.
More importantly, high-yield savings accounts offer a safe place to park your funds.
“Overall, HYSAs remain a smart choice for savers,” Kibbel said.
“Especially if you prioritize accessibility and safety, though it’s always wise to monitor rate trends.”
CDs and bonds are better savings vehicles for your long-term financial plans.
If you’re earning near 0% on your savings, now is a good time to switch.
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 Dec. 6, 2024, based on the banks we track at CNET.
Weekly percentage increase/decrease from Nov. 25, 2024, to Dec. 2, 2024.
