The clock is ticking on your opportunity to maximize your earnings with a high-yield savings account.

The best high-yield savings accounts boast annual percentage yields, or APYs, as high as 5.25%. But APYs have been slipping in recent weeks, and they’re likely to fall further as banks anticipate a Federal Reserve rate cut in September. So, the sooner you open one of today’s top accounts, the more interest you can earn. Once the Fed cuts rates, savings APYs are likey to fall, too.

Read on to see where you can score one of today’s best high-yield savings account rates. 

Today’s best savings rates

Here are some of the top savings account APYs available right now:

Experts recommend comparing rates before opening a savings account to get the best APY possible. You can enter your information below to see CNET’s partners’ rates in your area.

Why you shouldn’t wait to open a high-yield savings account

High savings rates have caught everyone’s attention for the better part of the last two years as the Fed regularly hiked rates to fight inflation. But after more than a year of holding rates steady, it’s likely the Fed is gearing up to pivot its stance.

“Overall, the trend towards slower inflation growth remains intact, and the Fed should be in a position to lower interest rates at their next meeting in September,” said Gary Quinzel, vice president of portfolio consulting at Wealth Enhancement Group. 

Last week, Fed Chair Jerome Powell indicated a possible rate cut is on the horizon, saying the “time has come for policy to adjust.” And once the Fed does opt to cut rates, your APY will likely drop, too. 

In fact, banks are already lowering APYs in anticipation. Over the past few weeks, we’ve seen multiple banks lower rates on their high-yield savings accounts, including My Banking Direct -- the top account we track -- which dropped its APY from 5.45% to 5.35% on Aug. 5 and then down to 5.25% on Aug. 23.

Here’s where savings rates stand compared to last week:

What to look for in a high-yield savings account

Stashing your extra funds in an account with a high APY is important, but don’t stop there. There are many variables you should consider before committing to a savings account, including the following: 

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account -- typically, from $25 to $100. Others don’t require anything. 
• ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee reimbursements or a wide range of in-network ATMs, said Lanesha Mohip, founder of the Polished CFO and CNET expert review board member.
• Fees: Look out for fees for monthly maintenance, withdrawals and paper statements, said Mohip. The charges can eat into your balance.
• Accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider an online bank.
• Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you think you may need to make more, consider a bank without this limit.
• Federal deposit insurance: Make sure your bank or credit union is either insured with the FDIC or the NCUA. This way, your money is protected up to $250,000 per account holder, per category, if there’s a bank failure.
• Customer service: Choose a bank that’s responsive and makes it easy to get help with your account if you need it. Read online customer reviews and contact the bank’s customer service to get a feel for working with the bank.

Methodology

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.

CNET evaluates the best savings accounts using a set of established criteria that compares annual percentage yields, monthly fees, minimum deposits or balances and access to physical branches. None of the banks on our list charge monthly maintenance fees. An account will rank higher for offering any of the following perks:

• Account bonuses
• Automated savings features
• Wealth management consulting/coaching services
• Cash deposits
• Extensive ATM networks and/or ATM rebates for out-of-network ATM use

A savings account may be rated lower if it doesn’t have an easy-to-navigate website or if it doesn’t offer helpful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.