Is it?

[Backseat Driver]

https://www.barrons.com/articles/high-yield-savings-accounts-rate-cut-84017225?siteid=yhoof2
By Ian Salisbury Follow Updated Aug

It’s been a golden era for high-yield savings accounts. But with interest rates set to come down, it is time for savers to look at other vehicles like CDs and Treasury notes that will let them lock in today’s yields for years to come.

Online savings accounts now paying interest rates of 5% or more are easy to set up and convenient to use, so it isn’t hard to see why investors love them. But with the Federal Reserve likely to cut interest rates as soon as September, online savers may soon face some hard choices. Markets should get more insight into the Fed’s plans on Friday when Chair Jerome Powell addresses the central bank’s annual conference in Jackson Hole, Wyo.

Once the Fed does cut rates, most savers will see changes within a month, says independent banking analyst Ken Tumin. Some popular banks, including Ally and Marcus, have already started edging down rates. Lenders have reason to try to contain their costs, especially when long-term lending rates are comparatively low, putting pressure on banks’ profits.

Banks’ response will be a lot more rapid than when rates are rising. “It’s always faster on the way down,” he says. (snip)
===============================================================================
I'm the tiniest of savers, usually because I'm old and not rich, but I need to save for a special purpose not for a safe place to stash all my investment cash. In the last day, my bank has been encouraging this strategy of laddering CDs for best yields instead of a higher yield accounts without a minimum. Discuss? I will be happy to remove it not allowed for discussion.

[CoopersDad]

1. Good to know, thank you.

I pulled money earning nothing from a B of A savings account and set up a Capital One high yield account and some 6 and 9 month CDs that mature before the end of the year.