Best savings accounts, CDs to open right now

While today's high interest rates may be harsh for some parts of your financial life, one item you can take advantage of is savings.

Amid Federal Reserve rate hikes over the past year, many banks have similarly increased the rates they offer on high-yield savings accounts and certificates of deposit (CDs). These high yields typically come from online banks with fewer overhead costs that pass on high rates to customers alongside their competitors. 

Today, that leaves savers in a great position to take advantage by earning 10 times or more the national average savings rate — if they know where to look. To help you get started, we've gathered a few of the best savings accounts and CDs available for anyone looking to boost their savings today.

Explore your high-yield savings account options here now to see how much more you could be earning.

Best savings accounts to open right now

If you're looking for the best high-yield savings interest rate, search for APYs of at least 4% or more. Many of today's top rates surpass 4.5% and are starting to inch toward 5%. 

Beyond rate, make sure you look for an account with no monthly fees (and few fees in general) and a minimum balance requirement that fits your savings goals. Finally, any account you open should be FDIC-insured against potential bank failure.

Here are a few of the best accounts to consider right now:

CIT Bank

The Platinum Savings account from CIT earns a 4.85% APY, as long as you deposit $100 at opening and maintain at least a $5,000 balance. There are no monthly fees.

• Interest rate: 4.85% APY

UFB Direct

UFB's Premier Savings account offers a total 4.81% APY on savings. This account has no monthly maintenance fees and no minimum deposit or balance requirements.

• Interest rate: 4.81% APY

Bask Bank

Bask Bank offers an Interest Savings Account that earns 4.75% APY. There are no monthly account fees to hold the account and no minimum balance requirements. However, you must deposit some amount in your account within 15 days of opening, or risk account closure.

• Interest rate: 4.75% APY

Salem Five Direct

The eOne Savings account from Salem Five Direct is another great option with 4.61% APY. There are no monthly fees and no minimum balance requirements, though you will need to meet the $10 minimum deposit that's required to open.

• Interest rate: 4.61% APY

Compare more of today's best savings account rates here.

Best CDs to open right now

The best CD rates right now vary based on different term lengths. Generally, the very best rates are on shorter CDs with terms between six months and one year. These offer above 4.5% up to 5% APY or even more. In addition to rate and term length, the CD you choose should have a minimum deposit requirement that fits your balance and no monthly fees to maintain the account. 

And don't forget: CDs require you to lock your money in at the fixed rate for your entire term, or else you'll face a penalty for early withdrawal. When choosing an account, you'll want to know the penalty fees upfront so you can be aware in case of an emergency. 

Finally, like any other savings account, you should choose a CD from an FDIC-insured bank that offers protection up to the $250,000 limit per account holder and per institution.

Here are a few of the best CDs to open right now:

Bread Savings

Bread Savings offers a range of CDs in one-year increments that all earn competitive interest rates. Its highest-earning option is the one-year CD with a 5.20% APY. There are no monthly fees and the minimum deposit is $1,500.

For terms shorter than a year, the early withdrawal penalty is 90 days simple interest. That goes up to 180 days of interest for terms of 12 months to three years, and 365 days of simple interest for terms of four years or more.

• Terms: 1 year to 5 years
• Interest rates: 4.25% to 5.20% APY

Synchrony Bank

Synchrony has an expansive range of CD terms that start at three months and go up to five years. The highest interest rate you'll find at Synchrony Bank today is 5.00% APY, on its six-month CD. These CDs also have no minimum deposit requirement.

If you need to withdraw early, you'll pay a fee worth 90 days of simple interest for terms of 12 months or less, 180 days for terms between 12 months and 48 months and 365 days for terms of 48 months or longer.

• Terms: 3 months to 5 years
• Interest rates: 2.25% to 5.00% APY

CIT Bank

In addition to its high savings account rate, CIT also offers competitive rates on CDs. Term options range from six months to five years, with the six-month CD offering a top 5.00% APY. There are no fees and but there is a $1,000 minimum deposit to open your account.

As for penalties, CIT charges three months simple interest for early withdrawals on terms up to one year, six months on terms more than one year and up to three years and 12 months for terms over 3 years long. 

• Terms: 6 months to 5 years
• Interest rates: 0.30% to 5.00% APY

See even more of the best CD rates right here now.

The bottom line

With a little research, you can start making the most of today's high rates by securing one of the best savings accounts or CDs with a top APY, no monthly fees and flexible minimum balance. Savings accounts may offer more flexibility since you can access your money at any time. They also carry variable interest rates, so if rates continue to rise, you might see a boost in your APY. CDs, on the other hand, can be a great way to get a slightly higher interest rate today and lock it in for a period of time — as long as you know you won't need the money before your term ends.

Maximize your savings balance today with the best savings accounts available right now.