Key Takeaways
Don’t let looming rate cuts stop you from maximizing your savings today.
You still have time to earn up to 5% annual percentage yield with thebest high-yield savings accounts.
That means savings rates will likely drop again.
So there’s no time to waste if you want to pad youremergency fundor start asinking fund.
put in your information below to get CNET’s partners' best rate for your area.
The Fed started cutting interest rates in September as inflation cooled.
Since then,savings account APYs have been dropping steadily.
Savings rates can rise and fall for other reasons.
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 will still offer better rates thantraditional banks.
More importantly, high-yield savings accounts offer a safe place to park your funds.
“Overall, HYSAs remain a smart choice for savers,” said Kibbel.
“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. 2, 2024, based on the banks we track at CNET.
Weekly percentage increase/decrease from Nov. 25, 2024, to Dec. 2, 2024.
