Elevated interest rates are a boon to savers, with some accounts delivering yields between 5% and 6%.
Inflation remains as stubborn as ever and continues to prop up interest rates. The Federal Reserve aggressively raised interest rates 11 times in 2022 and 2023 in an effort to curb inflation. More recently, the Fed has paused interest rate changes at its last five meetings as inflation has slowly ticked up in 2024.The resulting elevated interest rates have burdened borrowers with higher monthly payments due to the higher cost of borrowing.
5% year-over-year, saving in a top-earning high-yield savings account may help to preserve your money's value against inflation.Unlike CDs, high-yield savings accounts are highly liquid, meaning you can withdraw money from your account at any time without paying for early withdrawal penalties. Still, check your bank or credit union's policies before opening an account, as some limit withdrawals and transfers to six per month.
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