15 savings account rates that far outpace inflation this May

There's no question that the Federal Reserve's rate decisions over the last couple of years — which include rate hikes and subsequent pauses that have kept the benchmark rate at a 23-year high — have helped to temper inflation. For example, at 3.5%, the current inflation rate is a vast improvement compared to the peak inflation rate of 9.1% from June 2022. 

But while today's inflation rate is much lower than it was a couple of years ago, it's still higher than the Fed's 2% target rate. And, the inflationary environment is still negatively impacting many people's finances, so it's important to make up for the loss of purchasing power if possible.

The good news is that there are lots of ways to do that right now, as interest rates are high across the board. That means that the rates tied to deposit accounts, like certificates of deposit (CDs) and high-yield savings accounts, are also elevated. And, if you want an account that gives you easy access to your funds along with an interest rate that beats inflation, it's worth considering one of the high-yield savings accounts listed below.

Explore today's top savings account rates online here.

15 savings account rates that far outpace inflation this May

If you're trying to earn hefty return on your savings, the following accounts are offering annual percentage yields (APYs) that far outpace today's inflation rate:

• My Banking Direct: At 5.55% APY, the rate on this account outpaces the current inflation rate by 2.05%. There is a $500 minimum opening deposit required to open this account and there is a $1 minimum balance required to earn the APY. 
• Flagstar Bank: At 5.55% APY, the rate on this account outpaces the current inflation rate by 2.05%. There is a $25,000 minimum opening deposit required to open this account and there is a $25,000 minimum balance required to earn the APY. 
• Poppy Bank: At 5.50% APY, the rate on this account outpaces the current inflation rate by 2.0%. There is a $1,000 minimum opening deposit required to open this account and there is a $1.00 minimum balance required to earn the APY. 
• Ivy Bank: At 5.30% APY, the rate on this account outpaces the current inflation rate by 1.8%. There is a $2,500 minimum opening deposit required to open this account and there is a $2,500 minimum balance required to earn the APY. 
• Tab Bank: At 5.27% APY, the rate on this account outpaces the current inflation rate by 1.77%. There is no minimum opening deposit required to open this account and there is no minimum balance required to earn the APY. 
• Evergreen Bank Group: At 5.25% APY, the rate on this account outpaces the current inflation rate by 1.75%. There is a $100 minimum opening deposit required to open this account and there is no minimum balance required to earn the APY. 
• UFB Direct: At 5.25% APY, the rate on this account outpaces the current inflation rate by 1.75%. There is a $1.00 minimum opening deposit required to open this account and there is no minimum balance required to earn the APY. 
• Western Alliance Bank: At 5.24% APY, the rate on this account outpaces the current inflation rate by 1.74%. There is a $1.00 minimum opening deposit required to open this account and there is a $1.00 minimum balance required to earn the APY. 
• CloudBank 24/7: At 5.24% APY, the rate on this account outpaces the current inflation rate by 1.74%. There is a $1.00 minimum opening deposit required to open this account and there is a $1.00 minimum balance required to earn the APY. 
• Upgrade: At 5.21% APY, the rate on this account outpaces the current inflation rate by 1.71%. There is a $1,000 minimum opening deposit required to open this account and there is a $1,000 minimum balance required to earn the APY. 
• Bread Savings: At 5.15% APY, the rate on this account outpaces the current inflation rate by 1.65%. There is a $100 minimum opening deposit required to open this account and there is a $100 minimum balance required to earn the APY.
• RBMAX: At 5.15% APY, the rate on this account outpaces the current inflation rate by 1.65%. There is a $10 minimum opening deposit required to open this account and there is no minimum balance required to earn the APY.
• Everbank: At 5.15% APY, the rate on this account outpaces the current inflation rate by 1.65%. There is no minimum opening deposit required to open this account and there is no minimum balance required to earn the APY.
• Popular Direct: At 5.15% APY, the rate on this account outpaces the current inflation rate by 1.65%. There is a $100 minimum opening deposit required to open this account and there is no minimum balance required to earn the APY. 
• Elevault: At 5.13% APY, the rate on this account outpaces the current inflation rate by 1.63%. There is no minimum opening deposit required to open this account and there is no minimum balance required to earn the APY (though there is a maximum balance of $50,000 allowed to earn the APY). 

Find out what savings accounts offer the best rates in today's inflationary environment.

The bottom line

There's no reason to accept a savings account rate that's lower than today's inflation rate. There are many great accounts that outpace the current inflation rate right now — and there are options that cater to all types of savers, too. As with any type of financial decision, though, it's important to make sure that you can meet the requirements for any savings accounts you consider, as the deposit and minimum balance requirements can vary significantly from one bank to the next. By meeting the requirement, you can avoid any unnecessary fees that may cut into your interest returns on your money.