Americans earned more in interest in 2023

(CNN)– The Federal Reserve did not cut interest rates at its Wednesday meeting.

While that may be disappointing for many Americans, here’s another way to look at it, it’s a great motivation to save.

The Fed’s unwillingness to lower rates has and will continue to put money in your pocket this year, that is if you have a high yield savings account.

In 2023, savers with this type of account made four times what they earned in 2023, according to Lending Tree’s DepositAccounts.com

A high-yield savings account is the best place to put money away for emergencies or for anticipated large expenses coming up in the next three months to a year.