Want to earn big returns on your savings? These accounts offer APYs that outweigh today's 3.2% inflation rate.
There's no question that the Federal Reserve's rate decisions over the last couple of years — which include rate hikes and subsequent pauses that have kept the benchmark rate at a 23-year high — have helped to temper inflation. For example, at 3.5%, the current inflation rate is a vast improvement compared to the peak inflation rate of 9.1% from June 2022.
UFB Direct: At 5.25% APY, the rate on this account outpaces the current inflation rate by 1.75%. There is a $1.00 minimum opening deposit required to open this account and there is no minimum balance required to earn the APY. Western Alliance Bank: At 5.24% APY, the rate on this account outpaces the current inflation rate by 1.74%. There is a $1.00 minimum opening deposit required to open this account and there is a $1.00 minimum balance required to earn the APY. CloudBank 24/7: At 5.
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