Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.

Savings account rates have been hot since early 2022. Now, as banks respond to the Federal Reserve's first rate cut in four years, savings rates are on their way down. But you can still find high-yield savings accounts with annual percentage yields over 5%. And right now LendingClub has the highest interest rate we've seen.

LendingClub's LevelUp Savings account offers over 5% APY on your savings -- as long as you can afford the monthly deposit requirements.

Lending Club's LevelUp Savings account offers the highest savings rate available right now, at 5.30% annual percentage yield, or APY. However, to qualify, you must deposit at least $250 per month, and failing to do so will trigger a lower APY of 4.80%.

We like that there isn't a minimum balance or deposit required to open this account, and there's no monthly maintenance fee. You get the LevelUp rate for the first two months your account is open. After that, your account is evaluated each month. You need to make cumulative deposits of at least $250 to earn the highest rate going forward.

If you don't want the pressure of depositing $250 monthly to maintain 5.30% APY, you can still earn a high interest rate with a bank that doesn't have minimum deposit requirements:

APYs as of Oct. 11, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded monthly.

Say you open up a LevelUp Savings account at LendingClub and initially deposit $250. Your balance after one year will be $3,337.50 (with monthly deposits of $250). Remember, if you don't deposit $250, your account will automatically earn a lower rate of 4.80% APY. If you opt to earn the lower yield, your account balance after one year will be $262.27.

Keep in mind that savings accounts earn a variable interest rate, so the APY can change at any time. And rates are likely to continue falling as experts predict two more Fed rate cuts before the end of the year.

💰 Pro tip: You'll earn more if you set your savings on autopilot. Set up automatic recurring transfers from your checking account on a weekly, monthly or quarterly basis that works for your finances. All you have to do is find a figure that works well for you and let compound interest do the rest.

Here's how much you'll earn with the top high-yield savings accounts listed above, assuming you deposit $250 and don't contribute additional deposits throughout the year. We've also included earnings if you deposit $250 and then contribute an extra $250 a month.

APYs as of Oct. 11, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded monthly.

High-yield savings accounts usually have higher APYs than traditional savings accounts, some of which offer as little as 0.01% APY. However, there are other factors you should consider when choosing the right account for your financial goals, including mandatory minimum deposits, transaction fees, accessibility and more. Here's what you should look out for: