High-yield savings accounts offer up to 5% APY despite rate cuts

High-yield savings accounts now offer annual percentage yields (APYs) up to 5%, significantly higher than the national average. Despite recent interest rate cuts by the Federal Reserve, these accounts still provide better returns than traditional savings accounts. Experts suggest comparing rates before opening a savings account to maximize earnings. A high-yield savings account can earn significantly more interest than a traditional account, even with recent rate declines. CNET reviewed over 50 banks and credit unions to identify top savings accounts. All listed accounts are insured and do not charge monthly maintenance fees, making them attractive options for savers.