Savings rate still strong
Top high‑yield savings accounts are still offering up to 5.00% APY this weekend, making them one of the better places to park idle cash despite last year’s Fed moves. If you’ve got short‑term cash cushions, locking in those rates is a straightforward option (fool.com).
Varo Bank is currently advertising a 5.00% APY on its high‑yield savings account for balances up to $5,000, with a requirement to receive at least $1,000 in direct deposits each month to qualify and a 2.50% APY on balances above $5,000. (varomoney.com) Axos Bank’s Axos ONE checking-and-savings bundle is offering up to 4.21% APY on the savings portion, but that boost requires monthly direct deposits (or other qualifying deposit thresholds) and a minimum average balance in the linked checking account. (cnbc.com) Newtek Bank’s consumer savings and several other online-only banks are reporting rates near 4.20% APY this month, a pattern noted across Curinos‑compiled lists used by major outlets. (newtekbank.com) The FDIC’s monthly data shows the national average savings rate at 0.39% (savings observation dated March 16, 2026), leaving a large gap between average bank offerings and top online yields. (fdic.gov) The Federal Reserve cut its benchmark rate three times in 2025, with the final 25‑basis‑point reduction in December lowering the federal‑funds target to a 3.50%–3.75% range. (cnbc.com) At the March 18, 2026 FOMC meeting the Fed left the federal‑funds target at 3.50%–3.75% in its policy statement, and officials’ projections continued to show only a single rate cut penciled in for 2026. (federalreserve.gov)
