Lower interest rates will put a damper on the high returns savers have recently been able to earn on their cash.

The Federal Reserve approved a quarter-point rate cut Wednesday — and that could be just the start, with the central bank signaling the possibility for two more interest rate reductions in 2025.

"That's going to take a bite out of savings rates," said Stephen Kates, a certified financial planner and financial analyst at Bankrate.

Some online banks have already lowered their rates, with more cuts expected in future weeks, said Ken Tumin, co-founder of DepositQuest.

For some savers, it may make sense to lock in higher rates now.

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