According to the New York Department of Taxation and Finance, the 2025-2026 state budget introduced the first-ever inflation refund checks, with over 8 million New Yorkers set to receive up to $400. The official website announced that the checks would be mailed out over a period of multiple weeks starting at the end of September. Since the eligibility is based on the income you reported on your New York State Income Tax Return for 2023, you’ll want to ensure that you’ve completed your paperwork. For You: ...

Core Insights - High-yield savings accounts (HYSAs) have seen a decline in interest rates, with the Federal Reserve likely to implement further rate cuts, making these accounts less attractive compared to previous years [1][2][3] - Despite the drop, HYSAs still offer competitive rates, with some accounts providing 4% APY or more, significantly higher than traditional savings or checking accounts [2][4] - HYSAs are recommended for short to medium-term savings, such as emergency funds or specific upcoming expenses, due to their higher returns compared to most bank accounts [3][6] Summary by Sections Current State of HYSAs - The best HYSAs previously offered over 5% APY, but current rates have dropped, with the national average for checking accounts at 0.07% and savings at 0.4% as of September 2025 [1][4] - HYSAs continue to outperform traditional bank accounts, making them a viable option for savers [4] Suitability of HYSAs - HYSAs are ideal for funds that are not needed for daily expenses, with recommendations to save three to six months' worth of living expenses in an emergency fund [5][6] - They are not suitable for day-to-day spending due to potential withdrawal limits, and alternatives like checking accounts or money market accounts may be better for such needs [6][8] Alternatives to HYSAs - Money market accounts (MMAs) offer features like checks and debit cards, making them more accessible through traditional banks [8][9] - Certificates of deposit (CDs) provide fixed interest rates for a set period, but early withdrawals incur penalties, contrasting with the variable rates of HYSAs [9]