Several banks are still paying close to 5% for your cash, one month after the Fed cut rates

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• The Federal Reserve cut its interest rates one month ago, on September 18.
• Since then, interest rates for bank accounts have fallen across the board.
• The highest interest rates are now in the 4% to 5% range, which can still help you build savings.

One month ago, the Federal Reserve cut interest rates by 50 basis points — the first Fed rate cut since early 2020. In response, bank account interest rates have fallen across the board.

That being said, you can still find good interest rates for high-yield savings accounts, certificates of deposit, money market accounts, and even checking accounts, especially if you're willing to open an account with an online bank or credit union. Here's where nationwide rates stand for savings accounts, CDs, and checking accounts now that the dust has settled on the Fed rate changes.

Top high-yield savings accounts are paying in the 5% APY range

Savings account rates have fallen somewhat since the Fed rate cut, but you'll still be able to find high-yield savings accounts that offer competitive rates, especially if you're willing to go with a smaller online bank.

Pibank, Newtek Bank, and LendingClub still offer savings accounts with over 5% interest , with the highest-yielding savings account interest rate standing at 5.50% APY.

High-yield savings account rates at bigger banks — such as Ally, Synchrony, and BMO Alto — have fallen below 5% interest, but they're still significantly higher than average savings account interest rates .

Keep in mind that high-yield savings accounts offer variable interest, which means your rate could change at any time. If you don't want to switch bank accounts every time your rate falls, you might prefer an account with a lower interest rate that has fewer restrictions or more interesting perks, such as a savings account with buckets .

Money market accounts , which are generally tiered-interest accounts, have fared similarly to high-yield savings accounts. A few accounts, like the Vio Bank Cornerstone Money Market Savings Account , still offer interest rates over 5.00% APY, but you're more likely to find money market accounts with a lower APY range.

Featured Nationally Available Deposit Rates

Open a new bank account or cash management account and earn best-in-class rates.

Nationwide CDs are offering 4% to 5% APY

CDs have been hit hardest by the Fed rate cuts, likely because most have a fixed interest rate. This means that CD interest will stay the same for its entire term length, no matter how the economy changes. Since the Fed is expected to keep cutting rates, you can expect short-term CDs to have higher rates when comparing short-term CDs versus long-term CDs .

The best CDs offered nationwide are offering around 4% to 5% APY. There are outliers like Nuvision Federal Credit Union 8 Month Certificate Special which pay more interest, but most of the best short-term CDs sit between 4.50% APY and 5.00% APY, while the best long-term CDs hover around the 4% APY mark. CDs might still be worth it if you're hoping to lock in a good rate, though.

Many of the highest interest rates on CDs are currently being offered by credit unions , not banks. While many credit unions limit who can join by where you live or who you work with, there are many with great rates that anyone in the U.S. can join by becoming part of specific associations.

Featured Nationally Available Deposit Rates

High-yield checking account rates earn up to 7% APY

The best high-yield checking accounts have been impacted the least by Fed rate cuts.

There aren't a whole lot of high-yield checking accounts to start with, and most of them come with strict requirements, such as being unable to earn a high interest rate past the first few thousand dollars you put in the account. You'll still be able to earn up to 7% APY in a high-yield checking account at some banks and credit unions, but expect that rate to come with a catch.

Featured High Interest Checking Account Offers

Compare checking accounts that offer high APYs, rewards on debit card purchases, or both. APYs (Annual Percentage Yields) are accurate as of 10/18/2024.

• UFB Direct Freedom Checking with Portfolio Savings : Earn 2.00% APY on your checking account. Plus unlock up to 4.77% APY when you combine Freedom Checking with a UFB Portfolio Savings account.
• Upgrade Rewards Checking Plus and Performance Savings : Earn up to 2% cash back on purchases. Add a Performance Savings account to earn up to 4.69% APY on saving balances.
• SoFi Checking and Savings (Member FDIC) : Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.30% APY on savings balances (including Vaults) with direct deposit.
• Discover Cashback Debit Account : Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details).

Comparing the highest bank accounts

If you're deciding where to put your savings, we've provided a chart showing some of the highest rates available for each type of account to help you decide what works best for your savings goals .