While people with debt are happy about falling interest rates, those of us with savings accounts are a little excited. Federal Reserve rate cuts mean that our savings account rates tend to fall as well.

While the typical APY (annual percentage yield) has fallen a bit since the Fed began lowering its benchmark rate, all is not lost. You can still find some excellent high-yield savings accounts with high interest rates.

Here are some of the most competitive savings accounts on our list right now.

1. LendingClub LevelUp Savings

This is a highly competitive account offering 5.15% APY with $250+ in monthly deposits. In addition, there is no minimum deposit to open and no monthly account fees.

Our picks for the best high-yield savings accounts of 2024

American Express® High Yield Savings APY 4.00% Price information Annual percentage yield of 4.00% from November 6, 2024 Member FDIC.	APY 4.00% Price information Annual percentage yield of 4.00% from November 6, 2024	Min. to win $0
Capital One 360 ​​Performance Savings APY 4.00% Price information Check the Capital One website for the most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of October 23, 2024. Rates may change at any time before or after account opening. Member FDIC.	APY 4.00% Price information Check the Capital One website for the most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of October 23, 2024. Rates may change at any time before or after account opening.	Min. to win $0
CIT Platinum savings APY 4.70% APY on balances of $5,000 or more Price information 4.70% APY on balances of $5,000 or more; otherwise, 0.25% APY Min. to win $100 to open account, $5,000 max APY Member FDIC.	APY 4.70% APY on balances of $5,000 or more Price information 4.70% APY on balances of $5,000 or more; otherwise, 0.25% APY	Min. to win $100 to open account, $5,000 max APY

Click here to open a new LendingClub LevelUp Savings Account.

2. Western Alliance Bank High-Yield Savings Premier

If you’re looking to earn 4.81% on your savings without jumping through hoops, this account might be right for you. It only takes $500 to open and $0.01 to earn that awesome APY — all with no monthly maintenance fees.

Click here to open a new Western Alliance Bank High-Yield Savings Premier account.

3. Discover® Online Savings

Get Discover® Bank’s award-winning customer service, plus a competitive 4.00% APY with no minimum deposit or balance requirements. Even better, eligible new customers who make eligible deposits can earn a welcome bonus of up to $200.

Click here to open a new Discover® Online Savings account.

Other places to put your savings

A high yield savings account is a fantastic place to put your money when you want it to grow as safely as possible. But it’s not your only option. Here are some other places to consider parking your cash.

Certificate of Deposit (CD)

If you don’t need access to your savings for a while, then a CD might be a great option. The best CDs earn rates similar to good high-yield savings accounts and will earn that rate for the life of your CD (which is helpful at a time when rates may soon drop again ).

The downside of a CD is that while your rate is locked up and so is your money; most CDs charge high fees for withdrawing any principal before the CD matures. That means CDs aren’t the place for your emergency fund. But they can be a great place for medium-term savings, such as a down payment on a car or house.

Money market account

This is where you want your money to live if you want as much access to it as you can get away with high interest. (I especially recommend money market accounts for your emergency fund for this reason.)

The best money market accounts will offer a rate on par with a good high-yield savings account (aim for over 4%) while also offering additional access options. Namely, you’ll get a debit/ATM card so you can get cash fast, and you’ll also have the option to write paper checks (which is, surprisingly, another feature you might need ).

Money markets have many of the same drawbacks as savings accounts, such as the possibility of limits on the number of trades you can make in a given month. So read your fingerprint carefully.

Grow, grow, grow your boat

Whichever option you choose, make sure you choose a place where your savings can grow. Don’t blow it away in your interest-free checking account (or under your interest-free mattress). Money doesn’t grow on trees, but they do maybe grows in savings accounts!