10.19.2022

Worried about inflation? Here’s one area it could actually help you.

Earn more than 12x the national average when you move your savings to one of these expert pick high-yield savings accounts ---------------------------------------------------------------------------------------
the ascent

A message from The Ascent, a Motley Fool Service

While no one is enjoying the spike in inflation that we've seen over the past year, it has had one positive impact: increased interest rates for savings accounts. 

As the Fed has raised rates repeatedly in an attempt to tackle inflation, the higher interest rates have led to a surge in savings account APYs. 

A year ago, the highest APY on our Best Savings Accounts page was just 0.61%. 

Now, that number is over 3%

The impact here could be massive: using a high-yield savings account could easily add up to tens of thousands of additional dollars over your lifetime than a regular savings account. Which means if you're parking your cash in an account with a low APY, you could be missing out on a lot of extra, risk-free cash.

Plus, these accounts are FDIC insured to at least $250k just like any other bank. 

Our financial experts have curated three options that stand out from the crowd. All three options have: 

  • A sky-high APY -- all three are at least 12x the national average rate!
  • No monthly maintenance fees
  • Low to no account minimums

And even better, they all have strong account management tools that make them competitive options if you're looking for a new home for your savings.

Open a high-yield savings account today and earn up to 3.11% APY.

Compare high-yield offers now

Here's to your savings ascent!

P.S. You should know that we are committed to helping you improve your finances. To that end, if we wouldn't recommend a financial product to a close family member, we wouldn't recommend it to you on The Ascent either.

The Ascent is reader-supported: we may earn a commission from offers we mention here. It's how we make money. But our editorial integrity ensures our experts' opinions aren't influenced by compensation.

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