Savings rates have been gradually decreasing since the Federal Reserve cut interest rates on Sept. 18. However, the top high-yield savings accounts still offer up to 5.30% annual percentage yield, or APY, making now a good time to maximize your earning potential by switching to a HYSA. 

Savings rates won’t nosedive overnight, but experts expect two more rate cuts before the end of the year, which means APYs will likely continue to drop. So, if you’re ready to grow your emergency fund or start a sinking fund, now’s the time to act.

Read on to see CNET’s picks for the 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 

The Fed cut rates for the first time in four years at its September meeting. What does this mean for savings rates and why should you care?

Whenever the Fed adjusts the federal funds rate, it has an impact on the broader economy, which has a domino effect on consumers, affecting how fast your money can grow. 

When the Fed reduces the federal funds rate to stimulate the economy, banks typically respond by lowering the earning rates they offer to savers on deposit accounts, said Justin Haywood, certified financial planner and president of Haywood Wealth Management. 

“The Fed controls short-term interest rates, which directly influence the rates offered by banks on savings accounts,” Haywood said. Depending on the bank, the changes can take several weeks or even months to take effect. 

Savings rates decreased leading up to the Fed meeting, and since then, we’ve seen a number of banks lower APYs on their savings accounts. For example, Bask Bank -- one of the top accounts we track -- dropped its APY from 5.10% to 4.85% on Sept. 30. Still, it’s not difficult to find savings accounts with APYs north of 5%.  

Here’s where savings rates stood at the start of this week compared to the start of last week:

Consider these factors before choosing a savings account 

It’s important to stash your extra cash in a savings account with a high APY, but don’t make that the only criteria on your search list. There are other factors you should consider when choosing the best savings account for your goals, including: 

• 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.