If a high-yield savings account opened in the past two years just dropped its rate, the cause is usually external, not the bank being sneaky. When the Federal Reserve cuts its benchmark rate, banks have less revenue to pass along, and savings yields fall in turn.

Things people typically review when rates shift

• Current APY: listed in account dashboards or on the bank's site.
• Top current rates across the market: comparison sites and rate trackers update these regularly.
• Whether the account has tiers: some pay more on the first $5,000 or $25,000 and less above that.
• Whether short-term Treasury bills currently pay more, especially in high-tax states (Treasury interest is exempt from state tax).

Switching online savings accounts is generally a 15-minute task. Most banks allow account linking and transfers without paperwork. Whether the rate gap justifies the switch is a personal judgment.

Sources

• Federal Reserve, FOMC overview: https://www.federalreserve.gov/monetarypolicy/fomc.htm
• 31 U.S.C. § 3124, Exemption from taxation: https://uscode.house.gov/view.xhtml?req=granuleid%3AUSC-prelim-title31-section3124&num=0&edition=prelim
• FDIC, National Rates and Rate Caps: https://www.fdic.gov/national-rates-and-rate-caps
• TreasuryDirect: https://www.treasurydirect.gov