What APY should I expect on a high-yield savings account?

High-yield savings rates move with the Federal Reserve's benchmark rate, so the exact APY changes over time — but online high-yield accounts consistently pay many times more than the rock-bottom rate big traditional banks offer on standard savings. The point isn't to chase the single highest number; differences of a fraction of a percent on an emergency fund are small in dollars. What matters is not leaving your cash in a near-zero account where inflation quietly erodes it. Check the rate is competitive, confirm there are no monthly fees or minimum-balance traps, and that the account is FDIC-insured. Since these rates are variable, the bank can change them anytime, so glance at it once or twice a year. The convenience and federal insurance matter more than squeezing out the last basis point.