The best high-yield savings accounts still earn annual percentage yields, or APYs, as high as 5.30% -- more than 10 times the national average. However, these rates are likely the best we’ll see for a while, so now’s the time to act. 

APYs have been slowly dropping since the Federal Reserve cut interest rates on Sept. 18. Experts expect the Fed to cut rates at least once more before the year is out, though it’s likely to be by 0.25%, according to David Peters, a certified public accountant. 

“I think that we are seeing enough signs of slowing inflation that you will see at least one more rate cut before the end of the year,” said Peters. “However, I would expect it to be more modest than the last one.”

So, there’s still time to earn a great rate if you want to grow your emergency fund or start a sinking fund. 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.

What you need to know after the Fed’s latest rate cut 

At the Fed’s September policy meeting, the central bank cut interest rates by 50 basis points – the first time it’s cut rates since March 2020. Whenever the Fed adjusts the federal funds rate, it affects borrowing costs and how fast your money can grow. For instance, when the Fed cuts rates, banks tend to decrease their interest rates, too. 

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

A single interest rate cut won’t immediately affect your wallet. You can still take advantage of APYs north of 5%, but the key is to act fast. Since savings rates are variable, banks can change the rate on your savings account at any time. 

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

Weigh these factors when 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.