How much interest can a high-yield savings account earn over the next six months?

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September 15, 2026 / 2:38 PM EDT / CBS News

High-yield savings accounts are typically smart and effective homes for your money. And that's especially true this week as the Federal Reserve moves to issue its first interest rate hike since 2023. Since high-yield savings accounts have variable rates responsive to market conditions, returns here could soon rise with no effort required on behalf of the saver. With interest rates already elevated, however, it makes sense to move some money into this account now, both to take advantage of what's available and to position your money for additional growth alongside a rising federal funds rate.

You don't have to keep your money in this account for an extended period to earn a competitive return, however, unlike what you would need to do with a fixed-rate certificate of deposit (CD). You can maintain flexibility with a high-yield savings account by making withdrawals and deposits as you've become accustomed to, all while earning more on your money. And those earnings could look significant fairly quickly, based on where rates currently stand. How…

Original source: https://www.cbsnews.com/moneywatch/