Breaking News: High Yield Savings Account Rates Reach Record Highs

Savings accounts are paying their highest rates in more than 20 years, making it an opportune time to consider opening a high-yield savings account. It may be hard to believe, but some banks are currently advertising rates that come close to or even exceed the 7% benchmark. If you're considering opening a savings account or CD today and want a competitive rate, Insider did the research to help you find the best options available.

Explore the current interest rates for Bank of America savings accounts and how they compare to top-yielding banks. Citi offers multiple checking accounts and more benefits for accounts that graduate to a relationship tier based on their high account balances. Discover today's top rates and current average yields for traditional and high-yield savings accounts.

A few months after the Federal Reserve started aggressively raising interest rates in early 2022, Sam Kuperstein opened a savings account at a top-yielding bank to take advantage of the favorable rate environment. Today's interest rate climate isn't particularly friendly toward borrowers, with recent rate hikes by the Federal Reserve impacting loan rates.

With the potential for the rate climate to change in the near future, now may be a good time to consider opening a high-yield savings account this March. As interest rates continue to fluctuate, it's important to stay informed about the latest developments in the financial market. Keep an eye on the rates offered by different banks to ensure you're getting the best return on your savings.