The best savings accounts on the market pay 5% or better—offering the highest rates in two decades. Start earning a great return today, before rates fall.

As the name implies, a high-yield savings account is a savings account with a significantly higher interest rate than a standard savings account — with some high-yield accounts offering rates up to 20 to 25 times the national average, which the FDIC currently puts at a meager 0.05%.

Do you have a high-yield savings account and are worried about potential interest rate reductions? Find out why one writer isn't too concerned.

Despite the Fed cutting rates, you still have options to earn up to 5.50% APY in a high-yield savings account—even if you don't have a large deposit or ongoing balance.

“We may see small gains in high-yield savings account yields in 2022,” Ken Tumin, founder of DepositAccounts.com, said. “Widespread gains are unlikely until at least 2024. Any gains will require a strong and steady economic recovery.”

Savings accounts have a simple premise, but often come with complex mechanisms for you to earn bonus interest. When you open a savings account with a bank, you deposit money into it and let that money earn interest.