Can you still earn high yield on your savings after the Fed's 0.50% rate cut? A few banks still have competitive APYs. See how to maximize your money.

But the Fed's recent rate cut, and any future rate cuts that come down the pike in the next year, should not influence your retirement savings strategy. Simply put, if you're still many years away from retirement, you should be putting the bulk of your savings into the stock market.

High-yield savings account rates are high right now. But if the Fed cuts rates in November, how much could your rate decrease, and how much money will you miss out on in interest?

To figure out if you've overfunded your savings account, you'll need to decide how much money you want on hand for unplanned expenses. The general rule of thumb is to keep enough cash around to cover at least three full months of essential bills. Beyond that, there's wiggle room.

The Fed cut rates in September, and some banks are already dropping rates. Many small banks continue to offer 5% or more on savings accounts, though.

Despite a Fed rate cut, you still have plenty of options to earn up to 5.50% on your cash savings—even if you can't swing a big opening deposit or ongoing balance.