There’s no question that the current high-rate environment is less than ideal for borrowers. After a series of rate hikes, the Federal Reserve’s benchmark rate is now paused at a 23-year high. In turn, borrowers are facing higher rates on everything from mortgages to personal loans. So, if you want to finance a car, a home or another large purchase, you’re going to pay a lot more in interest to do so. 

But while today’s economic climate may be tough on borrowers, it’s great for savers. That’s because, when the Fed hiked rates to try and temper inflation, it resulted in banks and credit unions offering much higher rates on interest-bearing accounts, like high-yield savings accounts and certificates of deposit (CDs). For example, it’s not hard to find a high-yield savings account offering a rate above 5.25% today — so if you’re still keeping your money in a regular savings account, you may want to make the switch.

But CDs, in particular, are a smart bet for savers right now. Not only are these accounts offering top-notch rates to savers, but when you open one, you lock in the rate for the full CD term. So, even if rates drop in the future — which is likely to happen this year — you’ll continue to earn the same great rate until your CD matures. If you’re going to take this route, though, be sure to open the right CD account for your needs. You can start your search with the 17 best CDs outlined below.

Learn more about the CD rates you could earn today.

17 best CD accounts to open in March 2024 (up to 5.75 APY%)

If you want to open a CD account and rake in the interest earnings, here are your top options for March: 

• Andrews FCU 6-month CD — 5.75% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Home Savings Bank 6-month — 5.50% APY: There is a $5,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• Home Loan Investment Bank 3-month CD — 5.50% APY: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds before the CD matures
• BMO Alto 6-month CD — 5.50% APY: There is a $0 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Superior Choice Credit Union 6-month CD — 5.50% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
• Genisys Credit Union 9-month CD — 5.41% APY: There is a $500 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• Bask Bank 1-year CD — 5.40% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Alliant Credit Union 1-year CD — 5.40% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Expedition Credit Union 1-year CD — 5.40% APY: There is a $2,500 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• USALLIANCE Financial 1-year CD — 5.40% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
• First Internet Bank 1-year CD — 5.36% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
• Pen Air 6-month CD — 5.36% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Fortera Credit Union 18-month CD — 5.35% APY: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• Life Credit Union 18-month CD — 5.35% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
• Climate First Bank 18-month CD — 5.34% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Forbright Bank 9-month CD — 5.30% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• NASA FCU 9-month CD — 5.30% APY: There is a $10,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 182 days of interest

Find out more about your best CD options online now.

The bottom line

You don’t have to settle for a low interest rate if you’re opening a CD this month. Thanks to today’s high-rate environment, there are lots of good options to consider — many of which offer rates that surpass 5.5%. And, there are options for everyone, whether you’re looking for a CD with a low opening deposit requirement or simply want to earn the highest rate possible. So shop around, do your homework and consider opening one of the top accounts today to make your money work for you.