Has the APY on your high-yield savings account recently gone down? Here's why this happens so you can decide if a savings account is still smart for your money.Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate as the Fed rate changes. CNBC will update as changes are made public.
A savings account's annual percentage yield, or APY, determines the amount of interest you earn in a year. This is an important number to look at when choosing a high-yield savings account. The higher the account's APY, the faster your savings will grow. Yet the percentage is always fluctuating. When the economy is facing a downturn, the Fed will sometimes lower interest rates to make it cheaper for consumers to borrow or invest their money. This encourages people to take out loans and spend more money, which, in theory, stimulates the economy. Large transactions, such as buying a home or taking out a business loan, become more affordable because interest rates are lower. Consumers will be more willing to spend and ultimately cash will flow back into the economy.
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