Earlier this year, the APY on my savings account was 4.25%, but now it's 4.00%. I used to get emails from my bank when my rate increased, but the bank lowered the savings rate quietly and without warning. 

Even though savings rates have dropped, I'm sticking with my high-yield savings account to grow my funds. 

Since the Federal Reserve started cutting interest rates in September, savings rates have taken a hit. And despite the latest inflation uptick, a third rate cut in December isn't out of the question. That could result in rates falling even further. 

Some high-yield savings accounts still offer over 5% annual percentage yields -- more than 10 times the national average -- but experts don't anticipate high savings rates lasting forever. Based on my own experience, it's clear that the days of high rates are coming to an end.

If you still have your money in a traditional savings account, it's worth making the move to earn interest and grow your emergency or sinking fund. Waiting could mean leaving money on the table. 

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

APYs as of Nov. 19, 2024, based on the banks we track at CNET. 

How the Fed's rate decision impacts savings APYs 

Inflation increased slightly last week, rising 2.6% annually last month. That news raises the question of what the central bank will do at next month's Federal Open Market Committee meeting. After all, rates often move in lockstep with the Federal Reserve.

To be clear, the Fed doesn't directly set the rates on consumer products like high-yield savings accounts and certificates of deposit, but its policies have ripple effects. 

When the Fed raises the federal funds rate -- as it did 11 times over the last few years to combat high inflation -- banks tend to raise their APYs. Similarly, when the Fed cuts interest rates, banks tend to decrease their APYs.

"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 go into effect.

After the Fed issued its first rate cut this year on Sept. 18, many CNET-tracked banks started lowering their savings account rates. For example, LendingClub cut its APY from 5.30% to 5.15% on Oct. 18, ending its streak as our top HYSA. On Nov. 7, it lowered it even further to 5.00% APY.

Fortunately, top savings accounts still offer rates far higher than the national average. But don't wait too long to snag a great rate. November's rate cut will likely push APYs lower very soon.

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

This week's APY as of Nov. 18, 2024. Based on the banks we track at CNET. *Weekly percentage increase/decrease from Nov. 11, 2024, to Nov. 18, 2024.

The interest rate isn't the only reason for opening a high-yield savings account

Despite rates falling, a high-yield savings account is still worthwhile.

Melissa Murphy Pavone, founder of Mindful Financial Partners, recommends keeping a separate emergency fund in a high-yield savings account for easy access. Even if you're looking to maximize your earnings, having access to your money when you need it is far more important for your short-term money goals. 

To earn interest on your short and long-term goals, Pavone suggests a tiered savings strategy.  For example, stash money in a HYSA for your immediate and short-term financial goals within the next two years or sooner. For long-term goals, she recommends CDs or treasury bills. Both still have competitive rates and some level of rate-lock protection to give you a guaranteed return. 

How to choose the best high-yield savings account 

Choosing a high-yield savings account isn't just about picking the best interest rate -- you should first consider what you want to accomplish by using these financial products. 

Instead of constantly chasing higher interest rates, which can change often, focus on your immediate financial goals.

"Feeling secure and prepared is as valuable as any percentage point of yield," she said.

When you're deciding which account and bank are best for your savings, here's what to consider:

• 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.

More savings advice: