If your money is sitting in a regular savings account, you might want to rethink that -- and fast.

President Donald Trump just announced sweeping new tariffs on imports, which will likely have ripple effects throughout the banking system. While it's too early to say exactly how this will play out, there are some clear ways that your savings rate could be impacted.

Why tariffs could affect your savings rate

Tariffs increase the cost of goods, which often leads to higher inflation. When inflation rises, the Federal Reserve may adjust interest rates to help control it.

At first glance, that sounds like a win for savers -- higher interest rates should mean better returns on savings accounts, right? Not exactly.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.70% Rate info 3.70% annual percentage yield as of April 7, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.70% Rate info 3.70% annual percentage yield as of April 7, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
CIT Platinum Savings Member FDIC. APY 4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY Min. to earn $100 to open account, $5,000+ for max APY Open Account for CIT Platinum Savings On CIT's Secure Website. Member FDIC.	4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY	$100 to open account, $5,000+ for max APY	Open Account for CIT Platinum Savings On CIT's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.

Banks are slow to pass on higher rates

When interest rates rise, banks rush to increase borrowing costs (like mortgage and credit card rates), but they're much slower to raise savings rates. That's because banks make more money when they keep savings rates low while charging higher rates on loans.

In some cases, banks might even lower savings rates if they start feeling pressure from economic uncertainty. And since most banks don't exactly send out a big announcement when they cut rates, many savers don't even realize they're earning less.

Your bank might be underpaying you right now

If you're with a big traditional bank, chances are you're earning close to the national average of 0.41% on your savings. That's practically nothing.

Meanwhile, high-yield savings accounts are offering 4.00% or more right now.

Let's break that down:

• $10,000 in a big bank savings account (0.41% APY) = $41 in interest per year.
• $10,000 in a high-yield savings account (4.50% APY) = $450 in interest per year.

How to protect your savings right now

1. Check your current APY

If your savings account isn't offering at least 3.70% APY, you're getting shortchanged. Find out what your bank is paying and compare it to other options.

2. Consider a high-yield savings account

Online banks tend to offer significantly better rates than traditional banks. They have lower overhead costs, which means more of your money earns interest.

Most of these accounts have no fees, easy online access, and high APYs -- making them an easy way to boost your savings without taking any risks.

If you're not sure where to start, here's a list of the top high-yield savings accounts available today.

3. Don't forget about CDs

If you want to lock in a great rate for longer, consider a certificate of deposit (CD). CDs offer fixed interest rates for a set period (usually three months to five years), so you won't have to worry about rate cuts.

You won't be able to access your money for the length of the term without paying a penalty, but you also lock in a set rate, which can be a big benefit if you think rates are likely to fall. Check out our list of the best CDs to get started now.

Don't let your money sit in a low-rate account

Tariffs, inflation, and interest rate changes are out of your control, but where you put your money isn't.

If your savings are sitting in a low-rate account, you're losing out on free money. High-yield savings accounts are paying 4.00% and higher right now, but those rates could change -- so the sooner you make a move, the better.