Rising Rates Give Savings Accounts a Boost, But Inflation Still Eats Away at Cash

Savings account rates have climbed with Fed interest rate hikes, but still often trail inflation.

High inflation in 2021-2022 eroded the purchasing power of cash savings.

One-year CDs also haven't kept pace with inflation despite rising rates.

Stock market returns have done better at beating inflation over the past couple years.

Financial planners can help tailor savings strategies to individual needs and time horizons.