After recent Fed rate cuts in September and November, lots of people are wondering if savings accounts are still a good deal. Good news: the best savings accounts still offer high yields, even after 0.75% of Fed rate cuts. Savings accounts are still one of the best places for many Americans to keep their cash.

Let's look at a few of the best savings accounts and why you should open one, even if interest rates keep dropping in 2025.

How much you can earn with these three top savings accounts

The best savings accounts are still offering rates of close to 4.00% APY (or higher), even after the Fed cut interest rates. We compared the latest APYs from these top-ranked savings accounts with the national average savings rate. Here's how much you could earn in a year with a few different account balances.

As you can see, these top three best savings accounts can help you earn hundreds of dollars a year compared to the average savings account. And if you have a savings account that only pays 0.01% APY, you're missing out on even more money.

Our Picks for the Best High-Yield Savings Accounts of 2024

American Express® High Yield Savings APY 3.90% Rate info 3.90% annual percentage yield as of December 1, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	APY 3.90% Rate info 3.90% annual percentage yield as of December 1, 2024. Terms apply.	Min. to earn $0
Capital One 360 Performance Savings APY 3.90% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Nov. 21, 2024. 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.	APY 3.90% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Nov. 21, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0
Western Alliance Bank High-Yield Savings Premier APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	Min. to earn $500 to open, $0.01 for max APY

Ready to make your savings grow faster? The Discover® Online Savings account offers a competitive 3.90% APY -- more than nine times the national average savings account APY. Click here to learn more and open an account with $0 minimum deposit at this customer-friendly online bank.

Keep in mind that you're not guaranteed to earn the same APY for an entire year. Savings account APYs are flexible, which means they are subject to change at any time. If the Fed keeps cutting interest rates, APYs on the best savings accounts might keep decreasing, too. If you want fixed yields for a certain specific timeframe, you might open a CD -- but most people are likely better off with a savings account. Let's explore why.

Why open a high-yield savings account

Savings accounts offer a few special advantages as a place to keep your cash, even if the APYs fall further next year.

Savings accounts are FDIC insured

If you use an FDIC-insured bank, your savings account is protected up to $250,000 in case of bank failure. Simply put: savings accounts are safe. Opening a savings account is one of the safest, lowest-risk moves you can make with your money.

For that reason, savings accounts are often a good choice for your emergency fund or for any short-term cash that you might need tomorrow. Put your cash in the bank and have peace of mind.

Savings accounts make it easy to access your money

Savings accounts are what's known in the financial world as "highly liquid." That means you can get your cash out of a savings account anytime, without the delay or added costs you'd get with other types of accounts.

For example, if your cash is invested in stocks in a brokerage account and you decide to take your money out, you have to sell the stocks and possibly take an investment loss or owe capital gains taxes. If you have cash in a certificate of deposit (CD) and you need to take your money out early, you'll have to pay an early withdrawal penalty.

Savings accounts are more flexible than CDs and brokerage accounts. With a savings account, your money is available in case your financial plans change.

Savings accounts pay good interest

As shown above, the best savings accounts are still paying competitive rates. Even if interest rates go down by another 1% in 2025 (and there are no guarantees that this will happen), the best savings accounts might still help your cash hold its value against inflation, and with no risk of investment loss.

Remember: the point of a savings account is not to make your money achieve astronomical growth. It's to keep your short-term cash safe and accessible, so you can have money ready in case of emergency, and keep your financial options open.

Bottom line

Even after recent Fed rate cuts, the best savings accounts can help you earn hundreds of dollars more per year than you'd get from a typical bank. Don't assume that high-yield savings accounts are no longer worth the effort! Even with slightly lower APYs, savings accounts are an easy, low-risk way to keep your money safe, available, and steadily growing for whatever you need in life.