Is a high-yield savings account worth opening with inflation rising now?

MoneyWatch: Managing Your Money Is a high-yield savings account worth opening with inflation rising now? We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson June 11, 2026 / 2:05 PM EDT / CBS News Add CBS News on Google With inflation rising, savers should strongly consider moving their money into a high-yield savings account. Javier Ghersi/Getty Images Inflation is now at 4.2%, a Wednesday report from the Bureau of Labor Statistics revealed, bringing it to its highest level since April 2023. But that report isn't just a status update. It should also function as motivation for millions of American savers to revisit their savings strategies. What was working at the start of the year, for example, may very well not be right now. And, if your money is being kept in a traditional savings account with a minimal rate of just 0.38% currently, you're already losing money by not shifting it into an alternative account type.One specific one worth considering now is a high-yield savings account. This account functions just like your traditional account, but with a rate exponentially higher than that 0.38%. And, right now, there are multiple timely reasons why it could be the smart account worth opening. Below, we'll examine three specific ones that savers should consider before getting started.See how much interest you could be earning with a top high-yield savings account here.Is a high-yield savings account worth opening with inflation rising now?A high-yield savings account is generally an advantag...