Currently, no banks offer 7% APY on savings accounts. If you’re looking for maximum returns from a bank, the best you can hope to earn is between 4% and 5% on a high-yield savings account (HYSA), certificate of deposit (CD), or money market . account (MMA).

Why are 7% APY bank accounts no longer available? Mainly because of interest rate adjustments from the Federal Reserve.

Starting in 2022, the Fed began a series of unusually aggressive rate hikes, aiming to tame post-pandemic inflation and avoid a recession. For people with money in savings accounts, a positive side effect of the hikes has been the parallel rise in bank rates.

Now, as inflation approaches the 2% target rate, the Fed is expected to continue its recent series of conservative rate cuts. And with each drop, banks will reduce their deposit rates.

For financial accounts with variable interest rates, including checking accounts, savings accounts, and credit cards, interest rates have fallen along with the rate cuts and are expected to fall further. For new fixed-rate accounts, including CDs and most loans, rates have also fallen.

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To find the highest rate on a savings account, you’ll have to shop around. Interest rates vary widely between accounts, with the national average being just 0.45%, so earning more starts with some comparison shopping.

When you find a bank or credit union advertising a high interest rate, be sure to read the fine print. In some cases, the highest rate on an account only applies to a limited portion of your deposit and you must meet certain conditions to benefit from this rate. One or more of these actions may be required:

• Sign up for eStatements

• Perform a minimum number of debit transactions per month

• Receive a minimum dollar amount in direct deposits per month

• Log in to your account at least once a month

• Open both a checking account and a savings account with the financial institution

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For the foreseeable future, you won’t find any banks offering a 7% APY on savings accounts. However, you may find some credit unions that pay 7% or more on checking accounts.

Before opening an account, review the terms and conditions carefully to determine if you qualify for the advertised rate. For example, with BCU, you need $3,000 in qualifying deposits each month to qualify for the 8% rate, and the APY drops significantly after three months.

Earning 7% APY in a bank savings account is a thing of the past, but that doesn’t mean you have to empty your bank account. Keeping some money in FDIC or NCUA-insured accounts is always essential for good financial management, even when rates fall.

Here’s where you can deposit your money to maximize your interest:

• Daily expenses: Look for a high-yielding checking account with low or no fees, from which you can make unlimited withdrawals without any penalties. (Here’s a look at our top 10 picks for .)

• Emergency Savings: Try a high-yield savings account or money market account where you qualify for a high APY based on the amount of balance you can consistently keep on deposit.

• Short and medium term savings: Open a CD or Treasury bill that lets you lock in a higher-than-market APY before the Fed makes further interest rate cuts.

• Long-term savings: Invest in a retirement account (ideally with an employer match) where you’ll earn compound interest over the long term. Stock purchases and other investments can also generate high returns, but they should be part of a balanced portfolio, especially given the current uncertainty in the stock market.

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