The elevated APYs offered on certain online savings accounts right now can help you fight inflation.
Persistent inflation has led to elevated interest rates over the last two years. Although that means borrowing has been more expensive, saving has become more profitable. High-yield savings accounts, for example, currently come with annual percentage yields up to about 5.50%. With inflation currently sitting at 3.5% per year, moving money into a high-yield savings account can help you keep up and earn a little extra.
That said, some banks restrict the number of transfers you can make from your savings account each month, so be sure to understand all of the restrictions and requirements before opening one. SecurityAnother benefit of online savings accounts is that they come with very little risk. Your APY can drop because the rates are variable on these accounts, causing you to earn less, but you're not going to lose the money you've deposited or the interest you've earned.
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