Dec 5, 2023 - Economy

How savers are beating inflation right now

Data: Bankrate.com, BLS; Chart: Axios Visuals; Note: Inflation rate calculated as the three-month rate of inflation, annualized.
Data: Bankrate.com, BLS; Chart: Axios Visuals; Note: Inflation rate calculated as the three-month rate of inflation, annualized.

It's a golden era for savers: Those fortunate enough to have some spare cash can earn some real interest on their money right now.

Driving the news: The rate on the highest-yielding savings accounts is outpacing inflation by a historically wide margin.

Yes, but: Not all savings accounts offer great rates. You may have to do a little work to transfer your cash to a higher-yielding account.

What to watch: The Fed could cut rates as soon as early next year, changing the dynamic.

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