# Why savers should move cash this week

> A Fed meeting, 4% rates and full access to your money make this a good week to open a high-yield savings account.
- Title: Why savers should move cash this week · CBS News | Shortify
- Summary: A Fed meeting, 4% rates and full access to your money make this a good week to open a high-yield savings account. Traditional savings pays under 0.40% while…
- Keywords: savings, interest rates, federal reserve, personal finance, banking, news, savers, move, cash, week, CBS News
- Source: CBS News — https://cbsnews.com/news/why-high-yield-savings-account-worth-opening-this-week
- Author: Matt  Richardson
- Published: 2026-09-15T19:40:40+00:00
- Read time: 1 min
- Topics: savings, interest rates, federal reserve, personal finance, banking, news
## The Fed meets this week
It's the first meeting since July, and CME Group's FedWatch tool puts the odds of a 25 basis point hike at 94.5%. Inflation has stayed sticky.
## Traditional savings is losing
The average traditional savings account pays under 0.40%. Parking cash there while rates climb means giving up real money every month.

> keeping your money stored in a traditional savings account with a meager average interest rate under 0.40% simply isn't an option right now
## Variable rates cut both ways
High-yield accounts adjust with the market, so a rising rate environment lifts your return automatically. No paperwork, no reopening an account.
## Banks move before the Fed does
Many banks raise their offers ahead of the formal announcement rather than waiting for it. Shopping around now can lock in a better rate timed to the meeting.
## Returns are already strong
Top accounts hover at or above 4% today. Depending on your deposit, that's hundreds or thousands of dollars over the next year before any hike.
## Your money stays liquid
Unlike a CD, there's no lock-up and no early withdrawal fee. Deposit and withdraw as usual if your situation changes. Online banks tend to offer the best terms.
## Key takeaway

Traditional savings pays under 0.40% while top high-yield accounts pay above 4%, and a likely rate hike this week could push them higher.