With the average savings account paying 0.39%, according to the Federal Deposit Insurance Corporation (FDIC), it might feel a little bleak for savers. However, high-yield savings accounts still offer a way to get a little more yield. The best high-yield savings account pays a much higher yield.

The Federal Reserve will meet later this month to make a decision on interest rates. But the latest inflation report is likely to make the central bank cautious about additional rate cuts.

Discover how banks set loan interest rates, from Federal Reserve policies to market trends and borrower creditworthiness, for better financial decisions.