Six months ago my HYSA was paying 5.1%. Now it's at 4.15% and trending down. I've seen some posts claiming it's not worth it anymore.

The comparison isn't HYSA vs some magical high-return account — it's HYSA vs a regular savings account at 0.01% or a checking account earning nothing. Even at 4%, a $20k emergency fund earns you $800 a year vs $2. That's still worth having.

The only scenario where I'd reconsider is if money market funds or short-term Treasuries consistently offered meaningfully better rates with similar liquidity. Right now the difference is small enough that I stay in my HYSA for simplicity.