With recent interest rate cuts from the Federal Reserve, Americans have seen many savings account rates fall. Now, the national average APY for savings accounts ranges between 0.39% to 0.42%, according to the FDIC.

The Openbank Savings account is an online high-yield savings option that has no monthly fees. You can access banking features, including checking your balance and initiating online transfers, via the Openbank mobile app. You’ll need at least $500 to open ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Understanding this dynamic, many savers may be looking to exploit today's elevated rate climate in their favor while they still can.