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By Angelica Leicht
Edited By Matt Richardson
/ CBS News
Today's interest rate environment isn't particularly friendly toward borrowers. For starters,recent rate hikesby the Federal Reserve have ledmortgage loan rates to climb above 7% — which is more than double what they were in 2020 and 2021. And, those hikes also led to significantly higher rates on personal loans, credit cards, auto loans and other types of borrowing products. So, if you're planning to borrow money, you should be prepared to pay a lot more than you would have a couple of years ago.
That may not be the best news for borrowers, but there is one upside to today's elevated rate environment, and that's higher rates on interest-bearing accounts. Not only are certificates of deposit (CDs) offering some of the highest rates we've seen in recent years, but so are high-yield savings accounts. The flexibility offered by high-yield savings accounts can make them a smart alternative to CD accounts — and that's especially true if you may need to tap into your savings soon.
If you're going to open a new high-yield savings account, though, it makes sense to try and maximize the potential returns. And, you can do that with the best high-yield savings account options below, which offer some of the top rates available this month.
Learn more about your top high-yield savings account options here.
20 best high-yield savings accounts to open in March
Today's high-rate environment makes the following high-yield accounts worth considering right now:
- Poppy Bank — 5.50% APY: This account has a $1,000 minimum opening deposit requirement; a $1,000 minimum balance is required to earn the stated APY
- Milli Savings Bank — 5.50% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- My Banking Direct — 5.35% APY: This account has a $500 minimum opening deposit requirement; a $1 minimum balance is required to earn the stated APY
- BrioDirect — 5.35% APY: This account has a $5,000 minimum opening deposit requirement; a $25 minimum balance is required to earn the stated APY
- Customers Bank — 5.32% APY: This account has a $1 minimum opening deposit requirement; a $1 minimum balance is required to earn the stated APY
- Ivy Bank — 5.30% APY: This account has a $2,500 minimum opening deposit requirement; a $2,500 minimum balance is required to earn the stated APY
- Western Alliance Bank — 5.28% APY: This account has a $1 minimum opening deposit requirement; a $1 minimum balance is required to earn the stated APY
- TAB Bank — 5.27% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- CloudBank 24/7 — 5.50% APY: This account has a $1 minimum opening deposit requirement; a $1 minimum balance is required to earn the stated APY
- Evergreen Bank Group — 5.25% APY: This account has a $100 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- Newtek Bank — 5.25% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- UFB Direct — 5.25% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- Upgrade — 5.21% APY: This account has a $1,000 minimum opening deposit requirement; a $1,000 minimum balance is required to earn the stated APY
- Bread Savings — 5.15% APY: This account has a $100 minimum opening deposit requirement; a $100 minimum balance is required to earn the stated APY
- RBMAX — 5.15% APY: This account has a $10 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- EverBank — 5.50% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- Elevault — 5.13% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- Bask Bank — 5.10% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- BMO Alto — 5.10% APY: This account has a $0 minimum opening deposit requirement; a $0 minimum balance is required to earn the stated APY
- CIT Bank — 5.05% APY: This account has a $100 minimum opening deposit requirement; a $5,000 minimum balance is required to earn the stated APY
Explore today's top high-yield savings accounts online now.
The bottom line
The current high-rate environment makes it a great time to consider opening a high-yield savings account. Not only can you find accounts with low opening deposit requirements offering rates that are well above 5%, but the right high-yield account could result in some serious interest returns, especially compared to regular savings accounts. Before you open an account, though, just make sure you understand any potential fees, additional costs and requirements to ensure that it's the best high-yield savings account for you.
Angelica Leicht
Angelica Leicht is senior editor for CBS' Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.
