These 3 Top Banks Have Already Lowered Interest Rates After September's Fed Rate Cut

The Federal Reserve aggressively cut interest rates by 50 basis points (0.50 percentage points) in September, and while the Fed's benchmark rates and high-yield savings account interest rates don't have a direct relationship, they tend to move in the same direction.

We're already seeing this in action. Some of the best savings accounts on our radar have already started to lower rates -- click here to check out our top picks. However, these are still top-notch savings accounts, and you might be surprised at how much -- or how little -- their rates have changed.

1. Capital One

The Capital One 360 Performance Savings account is a rare combination of the high interest rate and lack of fees you'd expect from an online savings account, but with access to hundreds of banking branches for in-person help.

Like many top savings accounts, Capital One lowered its interest rates in the wake of the Fed's decision. But the rate hasn't fallen by too much. Despite the Fed's 50-basis-point cut, the APY on the Capital One 360 Performance Savings account fell from 4.25% before the Fed's rate cut to 3.60% today, a reduction of 0.25 percentage points.

Looking for a new savings account? Click here to learn more about the Capital One 360 Performance Savings.

2. Western Alliance Bank

The Western Alliance Bank High-Yield Savings Premier account has historically been one of, if not the, highest-paying savings accounts on our radar. In fact, about a month before the Fed's rate cut, the account offered an excellent APY of 5.31%. It isn't necessarily the most convenient savings account, with no ATM access and only one way to move money into and out of the account (ACH transfer with external accounts).

But if your goal is to maximize yield while avoiding banking fees, it deserves a spot on your short list. The APY paid by the Western Alliance Bank High-Yield Savings Premier dropped in-line with the Fed's move. It fell by exactly 50 basis points to 4.30% but is still one of the highest-yielding savings accounts on our radar.

3. Discover® Bank

Last but not least, the Discover® Online Savings account has a lot to like. In addition to its competitive APY and no account fees, Discover is known for its top-notch 24/7 customer support. And through Discover's excellent banking app, the account seamlessly connects with other great Discover products, such as the unique Discover® Cashback Debit account, which is its version of an online checking account.

While the Discover® Online Savings account hasn't been immune to the effects of the Fed's rate cut, it was one of the least impacted. Since mid-August, the APY of the account has fallen by 25 basis points, from 4.25% to a still-high 3.60%.

The bottom line

Of course, this isn't an exhaustive list. These aren't the only three major banks that have lowered interest rates on high-yield savings accounts.

And it's also worth noting that the Fed is widely expected to continue to lower interest rates for the foreseeable future, and it's fair to assume that savings account interest rates will trend downward as it does. The same can be said for interest rates from the top money market accounts and CDs.

However, these are still three of the best savings accounts reviewed by our experts, and they're still worth considering if you're looking to maximize the yield from your emergency savings or rainy-day fund.