Inflation, a persistent issue for decades, typically rises by about 2% annually, eroding the purchasing power of saved money. While some choose to invest in stocks, which carry risks of volatility, high-yield savings accounts present a safer alternative. Certain accounts offer annual percentage yields (APYs) between 2.00% to 4.00%, potentially outpacing inflation rates. These accounts are FDIC-insured, making them a secure option to preserve wealth without the risks tied to traditional investments. Given the historical increase in prices, especially following recent inflation spikes, opting for such accounts may be prudent for long-term financial health.
Inflation typically goes up by 2% per year, resulting in more expensive products and services. Money tucked away will lose purchasing power.
Some high-yield savings accounts have APYs ranging from 2.00% to 4.00%, which can help beat inflation without the associated risks.
While the economic aftermath of lockdowns resulted in 40-year high inflation, goods and services have always been getting more expensive.
The best high-yield savings accounts can help you beat inflation risk-free, with some offering cash bonuses for new accounts.
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