That could lower savings rates even further.
It’s not always about the highest interest rate.
I’m satisfied with my bank and don’t need to chase a welcome bonus to realize short-term gains.
Waiting could mean leaving money on the table.
After all, rates often move in lockstep with the Federal Reserve.
Similarly, when the Fed 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 5.00% APY.
Fortunately, top savings accounts still offer rates far higher than thenational average.
Don’t wait too long to snag a great rate.
November’s rate cut will likely push APYs lower very soon.
To earn interest on your short and long-term goals, Pavone suggests a tiered savings strategy.
For long-term goals, she recommends CDs or treasury bills.
Both still have competitive rates and some level of rate-lock protection to give you a guaranteed return.
Instead of constantly chasing higher interest rates, which can change often, focus on your immediate financial goals.
“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. 20, 2024, based on the banks we track at CNET.
**Weekly percentage increase/decrease from Nov. 11, 2024, to Nov. 18, 2024.
