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There’s no question that inflation has had a big impact on many people’s finances over the last few years. Higher inflation means your money can’t stretch as far due to higher prices at the pump, in the grocery store and just about anywhere else you shop. And, when you add in the other economic issues, like elevated borrowing costs, today’s economic climate can wreak havoc on your budget.
While the inflation rate has improved compared to its peak in mid-2022, today’s inflation rate of 3.1% is still well above the 2% target rate set by the Federal Reserve. So, it appears unlikely that we’ll get real relief from these and other issues caused by persistent inflation — at least not in the near future.
But while high inflation could stick around for a while, there are ways to ensure that your money maintains its purchasing power. And, one of the better options is an interest-bearing account that outpaces today’s inflation rate. While you have a few different options to choose from, including certificates of deposit (CDs), the right high-yield savings account could offer both the flexibility and big interest returns that you’re looking for.
Open one of today’s top high-yield savings accounts and start earning today.
17 high-yield savings accounts that outpace inflation right now
Thanks to today’s high-rate environment, it’s simple to find a high-yield savings account that outpaces inflation. The following accounts offer some of the highest rates available today:
Milli Bank — 5.50% APY: This account has no minimum opening deposit requirement or minimum balance requirement to earn the advertised APYPoppy Bank — 5.50% APY: The minimum opening deposit requirement for this account is $1,000; the minimum balance requirement to earn the advertised APY is $1,000My Banking Direct — 5.35% APY: The minimum opening deposit requirement for this account is $500; the minimum balance requirement to earn the advertised APY is $1Customers Bank — 5.32% APY: The minimum opening deposit requirement for this account is $1; the minimum balance requirement to earn the advertised APY is $1Ivy Bank — 5.30% APY: The minimum opening deposit requirement for this account is $2,500; the minimum balance requirement to earn the advertised APY is $2,500Western Alliance Bank — 5.28% APY: The minimum opening deposit requirement for this account is $1; the minimum balance requirement to earn the advertised APY is $1Tab Bank — 5.27% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0CloudBank 24/7 — 5.26% APY: The minimum opening deposit requirement for this account is $1; the minimum balance requirement to earn the advertised APY is $1Evergreen Bank Group — 5.25% APY: The minimum opening deposit requirement for this account is $100; the minimum balance requirement to earn the advertised APY is $0Newtek Bank — 5.25% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0UFB Direct — 5.25% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0Popular Direct — 5.20% APY: The minimum opening deposit requirement for this account is $100; the minimum balance requirement to earn the advertised APY is $0Bread Financial — 5.15% APY: The minimum opening deposit requirement for this account is $100; the minimum balance requirement to earn the advertised APY is $100FNBO Direct — 5.15% APY: The minimum opening deposit requirement for this account is $1; the minimum balance requirement to earn the advertised APY is $0RBMAX — 5.15% APY: The minimum opening deposit requirement for this account is $10; the minimum balance requirement to earn the advertised APY is $0Elevault — 5.13% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0Bank Bank — 5.10% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0
Explore your best high-yield savings account options online now.
The bottom line
You have lots of options for growing your money with a rate that outpaces inflation — but high-yield savings accounts offer some of the highest rates available today. That, coupled with the flexibility they offer, can make them a smart solution to counter the loss of purchasing power caused by today’s inflationary pressures. As with any other financial account, though, make sure to do your homework and find a high-yield savings option that aligns with your financial picture and your money goals so you can take full advantage of what it offers.
Angelica Leicht is senior editor for 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.
