4 Simple Ways to Take Advantage of Today’s High Interest Rates—Before They’re Gone

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Interest Rates Are Very High Right Now—But the Fed Could Change That Soon

The Federal Reserve has kept rates steady through five 2025 meetings, holding savings yields near their highest levels in years. But that’s likely to change soon. Markets now expect a rate cut in September, with even higher odds by October.

For savers, this is crucial. Bank account yields usually follow the Fed’s benchmark rate. Since that rate is still high, savings accounts are paying 4%–5%, well above normal. But with cuts looming, those rates will likely fall soon after.

3 Strategies for Keeping Your Cash Easy to Access—While Getting Paid to Save

For money you want to grow but keep accessible, flexible accounts like savings, money market, and checking accounts all fit the bill, letting you deposit or withdraw whenever you want. By shopping around with our daily rankings, you can find the nation’s top-paying options and make your money work harder.

1: A High-Yield Savings Account

For many savers, a high-yield savings account is the best starting point. While the national average savings rate is just 0.39% APY, today’s top accounts pay between 4.30% and 5.00%—boosting your earnings more than 11 times. And if your cash is parked in a standard savings account at a big bank, where rates are close to zero, the gain is even greater.

Many high-yield savings accounts are offered by online banks or online divisions of traditional banks, so you may need to open an account with a new institution. But electronic transfers between banks usually take just one to three days. Keeping your savings at a separate bank may even make it less tempting to dip into those funds for unplanned spending.

2: A Money Market Account

What sets a money market account apart from a savings account is the ability to write paper checks directly from your balance. For some savers, that’s not a crucial feature, but if it matters to you, a money market account may be worth considering.

In terms of earnings, the best money market accounts pay up to 5.00% APY—matching today’s top savings accounts. Beyond that top yield, though, most money market rates trail the highest-paying savings options. Shopping our daily money market ranking can lead you to the nation’s best options.

3: A High-Yield Checking Account

Most checking accounts don’t pay interest. But high-yield or reward checking accounts flip that script, offering APYs as high as 6%. To earn that top rate, though, you’ll need to meet certain requirements, like making 12 to 15 debit card purchases each month.

If frequent debit card use doesn’t fit your spending style, there are other options. Our ranking of the best high-interest checking accounts includes two nationwide choices paying 5.00% to 5.05% with no debit requirements, though they do call for regular ACH or direct deposits.

A CD Lets You Lock In Today’s High Rates for Longer

Unlike savings, money market, and checking accounts, certificates of deposit (CDs) lock in your rate until maturity—whether that’s 3 months or 5 years down the road. With Fed rate cuts coming, locking in one of today’s top rates is especially useful right now. The top CDs pay mid-4% rates, and as much as 4.60%.

Be sure to choose a term that fits your financial timeline. Cashing in prematurely will trigger an early withdrawal penalty.

Combining a Flexible Account With a CD Is a Smart Savings Strategy

Pairing a high-yield savings account with a CD lets you get the best of both worlds: accessible cash for emergencies, bills, or unexpected costs; and guaranteed earnings on money you won’t need immediately. Some savers even go a step further by spreading funds across CDs of different lengths—helping extend today’s high yields while providing staggered access to their money.

The right mix depends on your goals and timeline, but this strategy ensures you keep cash handy while securing fixed returns.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.