High-Yield Savings Accounts Are Offering APYs Around 5%. How Long Will It Last?
Editor:
Mallika Mitra
Money, Getty Images
*Rates and APYs are subject to change. All information provided here is accurate as of August 29, 2023.
If you're one of the many savers taking advantage of a high-yield savings account right now, you may be enjoying annual percentage yields (APYs) of around 4-5%. Thanks to interest rate hikes from the Federal Reserve, it's become a great time to save — but how long will these high yields last?
While the average return on a savings account lingers at just 0.43% according to the FDIC, high-yield savings options like CIT Bank and mph.bank are offering much more satisfying yields of 5.05% and 5%, respectively. But of course, yields haven’t always been this high, and they won’t stay that way.
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Why APYs on high-yield savings accounts are so high
