With interest rates stalled, banks are seizing the moment to offer new customers cash

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• The Federal Reserve hasn't touched interest rates in a while, but banks keep pushing their rates higher.
• Some banks are offering rates as high as 9.50% APY on a CD.
• Make sure you read the fine print to get the advertised rate.

If you haven't looked at your bank account in a while, it might be a good time to make sure you're getting the best interest rate.

The Federal Reserve hasn't actually increased interest rates at all this year; the last rate hike was in 2023. However, it also hasn't reduced interest rates. If the Fed doesn't lower interest rates this year, the probability that mortgage rates will go down in 2024 is somewhat low, which is bad for anyone looking to buy or refinance a home.

But it's good news for people saving cash.

When rates go up, it's easy for a bank to increase the interest rates it can offer to customers. Naturally, that means more people will want to open an account and leave their money there. But lately, interest rates for high-yield savings, checking, and CDs have been growing even higher.

5 offers that will earn more on your cash right now

While it's likely that the Federal Reserve will eventually drop its rates — chair Jerome Powell said in May that rates could be cut if inflation goes down or the labor market is weakened — for now, banks seem happy to continue to compete for customers' dollars.

It's been easy for a while now to find a bank offering a 5% interest rate on a high-yield savings account. And today, it's no longer impossible to find even better offers.

The following offers are currently available to anyone who meets the listed criteria:

• California Coast Credit Union Celebration Certificate: Earn 9.50% APY on a CD with up to $3,000. Live in San Diego or Riverside counties and have an active checking account, $5,000 in a money market account or other CD, or a consumer loan.
• OnPath Rewards High-Yield Checking: Earn up to 7.00% *APY on your first $10,000 in checking balances. Join with a $5 donation to the OnPath Foundation. Stay enrolled in online bank statements, make at least 15 debit card purchases per statement cycle, and log into mobile or online banking at least once each statement cycle to maintain that rate.
• Genisys Credit Union Genius High Yield Checking: Earn up to 6.75% APY on your first $7,500 in checking balances. Join by becoming a member of the Arthritis Foundation or Paint Creek Center for the Arts. Receive online bank statements and make at least 10 debit card purchases a month of $5 or more to maintain that rate.
• Primis Novus Checking: Earn up to 6.00% APY for up to $100,000 in checking balances for six months. Set up direct deposit of at least $1,200 during the first 60 days of account opening.

You can see more strong offers in our lists of the best high-yield savings accounts, best high-yield checking accounts, and best CD rates.

To get the best rates, read the fine print

The exact offers and limitations on different types of accounts vary from bank to bank (and credit union to credit union). Some credit unions only offer their highest rates to a relatively limited community or advertise rates that only apply to, say, the first $1,000 of your savings. Make sure you're clear on the offer before opening any type of account.

CDs, for instance, let you lock in high interest rates for a set period of time. While they are guaranteed to keep the same APY for the length of the term even if interest rates drop, most CDs charge a penalty for withdrawing your cash before the term ends.

Remember that you can have accounts at multiple banks, so opening an account with a new bank if you can meet the criteria is an option, even if you already have a checking or savings account. FDIC-insured banks will protect up to $250,000 each, so especially if you have more money than that, spreading it around between several institutions can be a good idea.