Have you felt a sinking feeling in your bank account? The Federal Reserve has been lowering interest rates since late 2024, which is shrinking the rate of return most Americans earn on their savings deposits. If this accurately describes your banking game, it’s time to get a high-yield savings account.
“The vast majority of Americans still keep their cash in traditional brick-and-mortar banks, but they could be earning much more by depositing their money in high-yield savings accounts,” says Gary Zimmerman, CEO of cash management platform Max. “Since interest compounds over time, it’s important to make sure you’re always earning the highest rate possible.”
