See how we rate banking products to write unbiased product reviews.In its September meeting, the Federal Reserve cut interest rates for the first time in four years, meaning the clock is ticking on the high interest rates on deposits that we've come to expect.

“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 account interest rates will continue to fall, but these accounts have their upsides too. Here's why I'm holding onto mine.

The following high-yield savings accounts could be a good bet if you want to maximize the returns on your money this October: Pibank — 5.50%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge

High-yield savings accounts are a good option for consumers who want to grow their money by boosting their saving rates. Online banks are providing higher interest rates than brick and mortar banks and typically offer 20 times the national average bank rate of 0.

Savings account interest rates have fallen rapidly over the last month following the Federal Reserve's 0.50% federal funds rate cut on Sept. 18. It's the first of what's expected to be a rate-cutting cycle that lasts into 2025.

You currently have two great options to earn 5.50% on your cash in the bank. But one is likely to be fleeting, while the other guarantees your stellar rate until June.