17 high-yield savings accounts that outpace inflation right now (2024)

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 APY
• Poppy 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 $1,000
• My 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 $1
• Customers Bank — 5.32% APY: The minimum opening deposit requirement for this account is $1; the minimum balance requirement to earn the advertised APY is $1
• Ivy 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 $2,500
• Western 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 $1
• Tab Bank — 5.27% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0
• CloudBank 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 $1
• Evergreen 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 $0
• Newtek Bank — 5.25% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0
• UFB Direct — 5.25% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0
• Popular Direct — 5.20% APY: The minimum opening deposit requirement for this account is $100; the minimum balance requirement to earn the advertised APY is $0
• Bread Financial — 5.15% APY: The minimum opening deposit requirement for this account is $100; the minimum balance requirement to earn the advertised APY is $100
• FNBO Direct — 5.15% APY: The minimum opening deposit requirement for this account is $1; the minimum balance requirement to earn the advertised APY is $0
• RBMAX — 5.15% APY: The minimum opening deposit requirement for this account is $10; the minimum balance requirement to earn the advertised APY is $0
• Elevault — 5.13% APY: The minimum opening deposit requirement for this account is $0; the minimum balance requirement to earn the advertised APY is $0
• Bank 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.