So far this year, the Federal Reserve has kept interest rates steady. But when will that change, and how could it impact what you earn on your savings?

With the average savings account paying 0.42%, according to the Federal Deposit Insurance Corporation (FDIC), it might feel a little bleak for savers. However, high-yield savings accounts still offer a way to get a little more yield.

While Fed rate decisions influence what you earn on savings, the type of bank and account you choose matters more than the actual rate change, making it important to pick high-yield options that respond to Fed moves.