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Since then, savings account APYs have dropped steadily.

Similarly, when theFed cuts interest rates, banks tend to decrease their APYs.

On Nov. 7, it lowered it even further to 5.00% APY.

Yesterday, its APY dropped to 4.75%.

Despite a slightinflation uptickin October, a third rate cut in December isn’t out of the question.

The Federal Reserve also considers other data points, such as the unemployment rate.

Fortunately, top savings accounts still offer rates far higher than thenational average.

But don’t wait too long to snag a great rate.

CDs and bonds are better savings vehicles for your long-term financial plans.

Consider focusing less on chasing high interest rates and more on what the product can do for you.

“Especially if you prioritize accessibility and safety, though it’s always wise to monitor rate trends.”

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. 27, 2024, based on the banks we track at CNET.

Weekly percentage increase/decrease from Nov. 18, 2024, to Nov. 25, 2024.