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Inflation Is a Top Fina𒁃ncial Concern That Can Threaten Your Savings

A recent survey by Northwestern Mutual asked Americans about their current financial concerns, and about two-thirds said 澳洲幸运5官方开奖结果体彩网:inflation is their dominant worry. In addition, more than half said they expect inflation to get worse in 2025.

It's not surprising Americans have 澳洲幸运5官方开奖结果体彩网:inflation on the mind, as it has been wavering in the 3% neighborhood for almost two years now. The latest Consumer Price Index (CPI) was released this morning, with the February inflation rate coming in at 2.8%. That's a slight improvement from the previous month's 3.0% reading, but still well above the 澳洲幸运5官方开奖结果体彩网:Federal Reserve's target rate of 2%.

Inflation doesn't just lead to sticker shock at stores and gas pumps. It also impacts how financially prepared many U.S. households are for an emergency. That's because if you have a savings interest rate that's lower than the inflation rate, your money is losing value over time. Given that the national average savings account rate among FDIC-insured banks is currently a meager 0.41%, many Americans are losing significant buying power every month.

Fortunately, you have plenty of options to earn 10 to 12 times the national average, and well in excess of today's 2.8% inflation rate—up to a high of 5.00%. By choosing one of the three options below, you can beat inflation by one or two percentage points with your 澳洲幸运5官方开奖结果体彩网:emergency fund—you won't just keep p𒁃ace w🐬ith inflation, but actually come out ahead.

Option #1: High-Yield Sav😼ings Accounts ♛Keep Cash Handy

One of the easiest ways to earn a great return on your cash is to put it into one of the country's 澳洲幸运5官方开奖结果体彩网:best high-yield savings accounts. This lets you earn a good return while stil🧜l keeping full access to the money should you need it on short notice.

"A true emergency can happen any time and can’t be predicted," said Ravi Subbaray, senior vice president of retail deposits at Curinos, a banking analytics firm. "It's better to put ... emergency funds in an account where you can access it fast without penalties."

Venturing out from your primary bank—including to online banks—is often the key to earning a competitive savings account rate. To make your account shopping easy, we rank the highest-paying options every business day. Right now, the 澳洲幸运5官方开奖结果体彩网:top nationwide rate is 4.60% APY. Not only that, but more than a dozen additional options pay 4.40% or better. You can see below how shopping around for a top 澳洲幸运5官方开奖结果体彩网:high-yield savings account has made it possible to outpace inflation for almost two years🌃 no𓆉w.

One downside is that savings account rates are variable, meaning they offer no rate guarantee for the future. And with Federal Reserve rate cuts possible in 2025, it seems likely that savings account rates will move lower this year. But for now, high-yield savings accounts are still riding aꦅ wave.

Option #2: CDs Lock in Today's Great Rates for the Future

澳洲幸运5官方开奖结果体彩网:Certificates of deposit (CDs) have a superpower that savings accounts don't have: the guaranteed promise of a fixed rate that is yours to keep for months or years down the road. That means if you open a CD when rates are high (like right now), and then rates move lower (which is expected in 2025), you stand to earn a much higher return than would be avail💜able to you in the future.

Today's best CD rates 澳洲幸运5官方开奖结果体彩网:range from 4.40% to 5.00% APY across terms from 3 months to 5 years. That means you can choose a short-term certificate if you're unsure that you can manage a long commitment. Or you can extend to whatever term feels comfortable for your financial situation. It can also be smart to open more than one CD, of different term lengths, so you aren't locking up too 𒁃much of your money for one duration.

"The first thing to think about when selecting CDs is how long you're willing to lock in your money," said Subbaray. "That said, the general rule of thumb is to seek a CD rate that is higher than inflation."

As you can see below, rates that are at least 1.6 percentage points above the current inflation rate of 2.8% are available in every major CD term—if you shop among 澳洲幸运5官方开奖结果体彩网:the nation's best offers.

Option #3: A Bank Bonus Canཧ Super-Charge Your Earni🔯ngs

Another strategy you can use instead of—or in addition to—the methods above is opening a bank account that offers a special cash bonus. These generally pay a few hundred dollars, with a few offers even approaching $1,000. They typically come in two flavors. The more common checking account bonuses often pay out if you receive a certain amount in direct deposits within a given time frame.

澳洲幸运5官方开奖结果体彩网:Savings account bonuses, on the other hand, typically base their cash payout on you holding a certain lump sum of money in the account without touching it for a specified period—usually two to four months. This is somewhat like a CD iꦍn that earning the bonus depends on keeping the funds in the account during the qualification period. But if you do have to take cash out early, you won't be hit with a penalty. You'll simply forfeit the bonus you would have earned.

Checking and savings account bonuses can be combined, in some cases. For example, 澳洲幸运5官方开奖结果体彩网:Chase is offering a $900 bonus to those who can simultaneously meet the qualifications of both a checking and savings account bonus. And if you're in a position to open a business checking or sಌavings account, you'll have even more options.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.