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The national average interest rate for savings accounts is a paltry 0.11%, according to Bankrate data from July 27. Many online banks offer rates far higher than the national average — something you may want to consider as pros say that despite high inflation, most Americans need somewhere between 3-12 months of income in a safe spot like a high-yield savings account. “A good way to combat inflation is to seek out higher interest rates on savings accounts which slows the impact of inflation on your cash,” says Chanelle Bessette, banking expert at NerdWallet.
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