In addition to opening a robust high-yield savings account, locking in fixed rates with CDs now can provide an avenue to insulate yourself from future rate drops.

Interest on high-yield savings account (HYSAs) hasn't been this strong in more than a decade, with many banks continuing to pay annual percentage yield (APYs) above 4 percent. These elevated yields are a direct reflection of the Federal Reserve's tighter monetary policy stance, which has kept borrowing costs high and deposit accounts rewarding -- but that may change soon.

Though it's not a guarantee, experts anticipate that the Fed will cut the federal funds rate during its next Federal Open Market Committee (FOMC) meeting in mid-September. Whether the Fed reduces its benchmark rate by a small or large amount, a move downwards would likely push savings yields down from today's high levels.

Over the past couple of months, yields on savings accounts have slightly, but gradually, trended downwards. Still, the best high-yield saving accounts in today's market are still offering robust yields, regularly surpassing 4 percent APY. Many banks continue to make these accounts attractive by eliminating minimum deposit requirements and monthly fees.

Peak Bank continues to offer the top yield, but many banks trail close behind. Here's a closer look:

Note: APYs may have changed since they were last updated and may vary by region for some products.

At its most recent policy meeting on July 30, the Federal Reserve chose to keep its benchmark federal funds rate unchanged, signaling that officials are still carefully weighing inflation pressures against signs of a softening job market. Because banks often shift their deposit rates in response to Fed moves, these debates in Washington translate directly to how much you can earn on your savings account.

While the Fed has generally managed to wrangle post-pandemic inflation, it remains stubbornly persistent, with the latest Consumer Price Index showing a 2.7 increase year-over-year. Likewise, the job market is now on precarious footing, with unemployment edging higher to 4.2 percent last month, but lower than what experts anticipated.

This mix has many economists predicting at least one rate cut before the end of 2025. If the Fed cuts rates too quickly, inflation could accelerate again. But if the Fed holds off too long, unemployment could worsen. Thus, the Fed's September meeting is being closely watched as a turning point.

Federal Reserve Chair Jerome Powell noted in his remarks at a Jackson Hole, Wyoming, speech on Aug. 22, that "the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance," as reported by the Associated Press. This signals that the Fed may be ready to make a change if data justifies it, as the economic outlook has shifted in recent months.

Savers have enjoyed unusually high returns on HYSAs for more than a year, but those conditions won't last forever. If the Fed lowers the federal funds rate, deposit yields will likely soon follow. Here are a few ways to stay ahead of the curve:

HYSAs remain a strong option for those building their nest egg, with many still paying north of 4 percent APY. But with the Fed signaling possible rate cuts ahead, the clock may be ticking on today's best offers. Savers should take advantage of current conditions while ensuring they keep enough flexibility to handle the unexpected.