If you’re looking to grow your emergency fund or start a sinking fund, now’s the time to maximize your earnings. The Federal Reserve is expected to lower interest rates at its upcoming meeting on Sept. 17-18. That means savings rates -- which have already started falling -- could fall even further.

The best high-yield savings accounts offer annual percentage yields, or APYs, up to 5.25% -- more than 10 times the national average. But it’s important to note even if the rate environment shifts, a high-yield savings account can always be a smart strategy. 

Read on to see CNET’s picks for the best high-yield savings accounts.

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.

How the Fed affects savings rates 

The Fed doesn’t directly impact savings rates, but its decisions have ripple effects. The central bank meets eight times a year to assess the US economy and interest rate changes. It may adjust the federal funds rate to help boost growth or slow down inflation. Banks tend to follow suit, increasing or decreasing their short-term rates according to how the Fed votes. 

“When the Fed opts to drop rates, consumers can expect the APY on their savings accounts to decrease,” said Justin Haywood, certified financial planner and President and co-founder of Haywood Wealth Management. “This is because the Fed controls short-term interest rates, which directly influence the rates offered by banks on savings accounts. As the Fed reduces rates to stimulate the economy, banks typically follow suit by lowering the interest rates they offer on deposit accounts, including savings accounts.”

Savers have enjoyed high rates for the better part of the last two years as the Fed regularly hiked the federal funds rate to fight sky-high inflation. But after more than a year of holding rates steady, the Fed appears to be gearing up for cuts -- which means savings account rates are likely to fall, too.

What’s next for savings rates? 

At a recent economic symposium, Fed Chair Jerome Powell said “the time has come for policy to adjust.” And with the latest inflation report showing inflation is heading in the right direction, a rate cut at the Fed’s meeting this month seems likelier than ever.

So, the sooner you open one of today’s top savings accounts, the more interest you stand to earn while rates remain high. Banks have already started lowering APYs in anticipation of a Fed rate cut as soon as next week. 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:

How to choose the right 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.