Overview

• Current high-yield savings accounts offer up to 5.55% APY, the highest in 20 years.
• Certificates of deposit (CDs) provide fixed rates up to 6.00% APY for terms as short as 10 months.
• The Federal Reserve has held rates steady but may cut as early as September, affecting future returns.
• Digital banks and online-only accounts lead in offering the best rates with low or no minimums.
• Consider locking in multi-year CD rates to benefit from today's high returns before they drop.