It was only a matter of time before rates began to tumble. When the Federal Reserve began cutting the federal funds rate in September, it marked the end of a long stretch of record-breaking APYs for high-yield savings accounts.

Only a handful of banks on our list currently have APYs above 5%, while the rest have dropped below 4%. However, considering the national average is still just 0.43%, you'd still be earning far more interest on your account balance than had you left it in a standard savings account.

"Overall, HYSAs remain a smart choice for savers," said Steven Kibbel, a certified financial planner and founder and CEO of Kibbel Financial Planning. "Especially if you prioritize accessibility and safety, though it's always wise to monitor rate trends." 

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

Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET's partners' best rate for your area.

What happens to savings APYs when the Fed lowers rates

Savings account APYs have dropped steadily since the Fed started cutting interest rates in September in response to cooling inflation and a slight rise in unemployment.

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.

"While it's true that HYSAs are influenced by the Fed's decisions, not all institutions adjust their rates immediately, and some may hold off to stay competitive," Kibbel said. "This means HYSAs continue to be a reliable option for keeping your money liquid while earning more than other low-risk alternatives."

After the Fed issued its first rate cut this year in September, 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.

Despite a slight inflation uptick in October, a third rate cut in December isn't out of the question. The Federal Reserve also considers other data points, such as the unemployment rate. If the Fed cuts rates another quarter-percentage point in December, as some expect, APYs would likely sink even more.

Fortunately, top savings accounts still offer rates far higher than the national average. But don't wait too long to snag a great rate. Here's where savings rates stand at the start of this week compared to the start of last week:  

A HYSA is still worth it. Here's why now is the time to open one

Despite rates falling, a high-yield savings account still offers a lot of value.

"In a declining rate environment, it's still valuable for people to store cash for shorter-term needs -- think emergency funds, bills and savings for near-term goals -- in high-yield accounts with competitive APYs," said Alex Michalka, Ph.D. and vice president of investment research at Wealthfront.

The key difference between using a HYSA for your emergency funds compared to a CD or bond is that you can access the funds quickly without incurring a penalty. CDs and bonds are better savings vehicles for your long-term financial plans. 

Pick the high-yield savings account that's best for you

Consider focusing less on chasing high interest rates and more on what the product can do for you. Earning a solid interest rate on an emergency fund while providing liquidity may be more important than the hassle of chasing after a half percentage point more with another bank.

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

• 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.

*APYs as of Nov. 25, 2024, based on the banks we track at CNET.
**This week's APY as of Nov. 25, 2024. Based on the banks we track at CNET.
***Weekly percentage increase/decrease from Nov. 18, 2024, to Nov. 25, 2024.

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