Interest rates on savings accounts may increase. Here’s what to do now.

Just a day before its next announcement, more signs are pointing to the Federal Reserve Stopping interest rate hikes This month. The Fed has already raised rates 10 times since March 2022 so a break would be welcome news.

Although higher interest rates have made the cost of borrowing much more expensive, one group has benefited: savers. Today, some of the top High yield savings account rates Earn more than that 4.5% APYAnd short-term CD accounts are at the top More than 5% APY.

But if the Fed decides to freeze rates, it could end the rapid growth we’ve seen in these high-yield accounts. Gregory Crofton, CFP, founder of Adap Tax Financial, said recently, “We’ve probably reached peak rates on savings accounts.” CBS News.

However, even if rates stop rising, that doesn’t mean they will drop soon, or that you can no longer benefit Earn great on your savings balance. There are still ways to maximize savings today.

Get started now by seeing how much more you can earn with the best savings accounts available here

How to maximize savings when rates stop rising

Do these things to get the most out of your savings even if rates stay the same.

Make sure you’re getting the best rate right now

Savings account interest rates will be higher if the Fed cuts rates. This means you can still get a bigger one Increase your savings balance from interest.

Check your bank account now to see what you’re earning, says Taylor JC, CFP, founder of Impact Financial. “If it’s not at least 3%, move your savings elsewhere.”

Not only that but many High yield savings accounts from online banks Today offers above 4% APY, but some earn 4.5% APY and some equal Close to 5%. “Given how easy it is to open a bank account and transfer money online, there’s little reason to let your money sit in a savings account that isn’t paying a decent interest rate,” says Jesse.

These accounts carry variable interest rates, so they can go down when the Fed eventually lowers rates. But opening and getting started with an account that fits your goals Save as much as you can Now can help to benefit as long as possible. Compare today’s best savings rates to see how much you can earn now.

Consider locking a CD

While high-yield savings accounts may be ideal for savers as rates rise, CDs may become more attractive if rates fall or stay the same.

Because certificates of deposit (CDs) carry fixed interest rates, you can lock in a great APY today and earn that amount through the entire CD term. To make the most of the rate going forward, it may be in your savings emergency fund In a high-yield savings account, you don’t need to immediately access a top-yielding CD while managing all the savings.

Unlike what CD has offered in the past, Today’s highest rate most common with Short term CDs (About a year or less). These accounts can help you earn anywhere from 5% to 5.25% APY. But don’t give up long term, is You can earn a slightly lower rate of around 4.25% APY, but you can lock in that rate for five years or longer in some cases.

Some experts say that CD can Reach a peak soon — and if the Fed pauses rates this month, banks may be less likely to raise them further. So, unless you can afford to lock in your money for the entire term, securing a great CD rate today can be one of the best ways to maintain your earnings even if rates remain constant.

Bottom line

A potential rate cut from the Federal Reserve may prevent savings rates from rising at the fast clip savers have enjoyed over the past year. But it’s still a great time to save. You can ensure that you are still getting the best value for your money by securing a great one Savings account rates Lock in the highest CD rate for your emergency fund — and then for other savings, which you can earn over the entire CD term.

Looking to get more out of your savings today? Compare the top rates now here.