You’ve probably been discouraged to see the interest rate on your high-yield savings account fall during the past couple of months. But your money is still earning much more than it would in a traditional savings account — and more than inflation. Rates paid on cash in savings accounts have been dropping since the Federal Reserve began cutting its key interest rate in September as inflation cooled. Even so, the rates paid on federally insured high-yield savings accounts, many offered by banks that operate solely or mostly online, are still beating inflation, which was 2.6 percent on an annual basis in October. “High-yield savings accounts are still attractive relative to traditional savings accounts,” particularly for emergency or “rainy day” funds that savers want to be able to tap into quickly, said Alan Bazaar, chief executive and co-chief investment officer at Hollow Brook Wealth Management in Katonah, N.Y.

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Persons: You’ve, Banks, “, Alan Bazaar Organizations: Federal Reserve, Wealth Management Locations: Katonah, N.Y