3 savings moves to make after the latest Fed rate pause

Core Impact Points

• The average rate on traditional savings accounts is 0.38%, making high-yield savings accounts a more attractive option.
• Certificates of deposit (CDs) offer fixed interest rates around 4% or higher, but require a commitment to lock funds in for a set term.
• High-yield savings and money market accounts provide accessible and liquid options for savers, with rates near or above 4%.
• Savers should close traditional savings accounts and transfer funds to high-yield alternatives to take advantage of higher interest rates.
• The Federal Reserve's rate pause and potential future hike create a window for savers to adjust their strategies and earn more interest.
• Experts recommend exploring top CD account options and transferring funds to high-yield savings or money market accounts for optimal returns.