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%.

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.

“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.”

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.