Key Takeaways While Many Savings Rates Have Slipped, the Top APY Is Hanging On at 5% Even after the Federal Reserve cut interest rates three times last fall, the very top savings account rate hasn't budged. The leading APY was already at 5.00% before the first cut in September—and it's still there today, despite additional reductions in October and December pushing the federal funds rate down a total of 0.75 percentage points. That doesn't mean the broader savings market has been immune to the Fed's moves. ...