Although people in debt are happy about lower interest rates, those of us with savings accounts are a little less thrilled. Rate cuts from the Federal Reserve mean our savings account rates tend to fall as well.

Even though the APY (annual percentage yield) has fallen slightly since the Fed began cutting its benchmark rate, all is not lost. You can still find great high-yield savings accounts with great interest rates.

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

1. LendingClub LevelUp Savings

This is a very competitive account that offers a 5.15% APY with over $250 in monthly deposits. Additionally, there is no minimum deposit to open or monthly account fees.

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

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

Click here to open a new LendingClub LevelUp savings account.

2. Western Alliance Bank High Yield Savings Premier

If you want to earn 4.81% on your savings without jumping through hoops, this account could be the right solution. It only requires $500 to open and $0.01 to earn that amazing 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

You benefit from Discover® Bank’s award-winning customer service, plus a competitive 4.00% APY with no minimum deposit or balance requirements. Best of all, new eligible customers who make qualifying 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 that’s not your only option. Here are some other places to consider parking your money.

Certificate of Deposit (CD)

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

The downside of a CD is that even though your rate is locked in, so is your money; Most CDs charge high fees for withdrawing your principal before the CD matures. This means that CDs are not the ideal place for your emergency fund. But they can be a great place to find medium-term savings, like a down payment on a car or house.

Money Market Account

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

The best money market accounts will offer a rate comparable to 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 quickly, and you’ll also have the ability to write paper checks (which is surprisingly still a feature you might really need).

Money markets have many of the same drawbacks as savings accounts, such as the ability to cap the number of transactions you can make in a given month. So read your fine print carefully.

Grow, grow, grow your boat

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