There’s no question that the effects of persistent inflation are impacting many people’s finances right now. And while there has been a lot of headway made since inflation hit its peak in June 2022, the latest inflation report, released this week, shows that we aren’t out of the woods just yet. According to the report, the inflation rate hit 3.5% in March — which is an uptick from a rate of 3.2% in February and still higher than the Federal Reserve’s 2% target inflation rate.

In other words, it looks like inflation will continue to have a detrimental effect on the economy, at least for the near future. But while we may face higher prices on groceries, gas and other goods for a while longer, the good news is that there are ways to help your money grow and outpace inflation. All it takes is putting your money in the right account. 

And while there are a few different options to consider, including certificates of deposit (CDs), one of the more flexible, accessible options is a high-yield savings account. By putting your money in the right high-yield savings account today, you can earn enough interest to stay ahead of inflationary losses — and can still access your funds if and when you need them. But the key is to find an account with an annual percentage yield (APY) that outpaces today’s inflation rate. And, a good place to start your search is with the accounts listed below.

Compare today’s top high-yield savings account options online now.

15 high-yield savings accounts that beat inflation right now (up to 5.55% APY)

If you’re looking for a high-yield savings account with a rate that can beat inflation, here are some of today’s best options to consider:

• My Banking Direct — 5.55% APY: A $500 minimum opening deposit is required to open this account; a minimum balance of $1 is required to earn the stated APY
• Poppy Bank — 5.50% APY: A $1,000 minimum opening deposit is required to open this account; a minimum balance of $1,000 is required to earn the stated APY
• Ivy Bank — 5.30% APY: A $2,500 minimum opening deposit is required to open this account; a minimum balance of $2,500 is required to earn the stated APY
• Cloudbank 24/7 — 5.26% APY: A $1 minimum opening deposit is required to open this account; a minimum balance of $1 is required to earn the stated APY
• Evergreen Bank Group — 5.25% APY: A $100 minimum opening deposit is required to open this account; there is no minimum balance required to earn the stated APY
• Newtek Bank — 5.25% APY: There is no minimum opening deposit required to open this account; there is no minimum balance required to earn the stated APY
• UFB Direct — 5.25% APY: There is no minimum opening deposit required to open this account; there is no minimum balance required to earn the stated APY
• Western Alliance Bank — 5.24% APY: A $1 minimum opening deposit is required to open this account; a minimum balance of $1 is required to earn the stated APY
• Upgrade — 5.21% APY: There is no minimum opening deposit required to open this account; a minimum balance of $1,000 is required to earn the stated APY
• Customers Bank — 5.16% APY: A $1 minimum opening deposit is required to open this account; a minimum balance of $1 is required to earn the stated APY
• Bread Savings — 5.15% APY: A $100 minimum opening deposit is required to open this account; a minimum balance of $100 is required to earn the stated APY
• RBMAX — 5.15% APY: A $10 minimum opening deposit is required to open this account; there is no minimum balance required to earn the stated APY
• EverBank — 5.15% APY: There is no minimum opening deposit required to open this account; there is no minimum balance required to earn the stated APY
• Popular Direct — 5.15% APY: A $100 minimum opening deposit is required to open this account; there is no minimum balance required to earn the stated APY
• Elevault — 5.13% APY: There is no minimum opening deposit required to open this account; there is no minimum balance required to earn the stated APY

Learn more about the top savings rates you could earn with the right account.

The bottom line

There’s no telling when things will be back on track in terms of inflation. Considering the recent uptick in inflation, it could be a while before the Federal Reserve can get today’s inflationary environment under control. But while the effects of inflation can cause the value of your savings to dwindle, you can counteract those losses by putting your money in the right high-yield savings account. Before you open one, though, just make sure to do your homework and ensure that you can meet the minimum deposit and balance requirements to maximize the returns on your money.