Inflation-Adjusted Savings Account Rates
How does savings account interest work?
Savings accounts are the simplest place to park your money. They are FDIC insured, meaning there is practically zero risk, and you are guaranteed a rate of return.
In the past decade or so, savings interest rates have been abysmally low. In short, these low returns are driven by the overall low interest rate environment, because banks can borrow money cheaply and therefore do not need to incentivize consumers to add to their savings accounts.
Ideally any financial instrument that you use to park your money will keep pace with inflation. Otherwise the real value of your dollars will decrease. As with any investment, it's necessary to adjust your savings account interest for inflation to fully understand the cost of keeping your money with in a savings account. Although a savings account guarantees a rate of return, this return is not inflation-adjusted (in other words, it is "nominal").
This page combines Consumer Price Index (CPI) data from the Bureau of Labor Statistics with average savings account interest rates reported by the Federal Reserve. By taking the difference between savings interest rates and the inflation rate, we calculate the "real" (inflation-adjusted) rate of return for savings accounts.
The calculation is simple:
average savings account interest - current inflation rate
According to recent CPI and Federal Reserve data, the current inflation-adjusted rate of return for a 12-month Certificate of Deposit is -4.12%.
Savings Account Real Rates Chart, 2009-2021
Values went from 1.65 in 2009 to -4.12 in 2021.
This graph displays inflation-adjusted returns for the first of each month since 2009.
Savings Account Real Rates Table, 2009-2021 (Yearly)
This table displays Inflation-Adjusted Savings Account Rates on January 1st of each year.
| Year | Savings Account Real Rates | Change | Year-over-year (%) |
|---|---|---|---|
| 2021 | -1.35 | 1.05 | -43.68 |
| 2020 | -2.40 | -0.94 | 64.01 |
| 2019 | -1.46 | 0.55 | -27.32 |
| 2018 | -2.01 | 0.43 | -17.60 |
| 2017 | -2.44 | -1.13 | 85.82 |
| 2016 | -1.31 | -1.46 | -979.21 |
| 2015 | 0.15 | 1.67 | -109.83 |
| 2014 | -1.52 | 0 | 0.27 |
| 2013 | -1.51 | 1.30 | -46.19 |
| 2012 | -2.82 | -1.35 | 92.58 |
| 2011 | -1.46 | 0.96 | -39.74 |
| 2010 | -2.43 | -4.07 | -247.30 |
| 2009 | 1.65 | 0 | 0 |
Savings Account Real Rates Table, 2009-2021 (Monthly)
This table shows 12-month trailing Inflation-Adjusted Savings Account Rates for the first of each month.
| Year | Month | Savings Account Real Rates | Change | Month-over-month (%) |
|---|---|---|---|---|
| 2021 | 3 | -4.12 | -1.55 | 60.31 |
| 2021 | 2 | -2.57 | -0.94 | 58.02 |
| 2021 | 1 | -1.63 | -0.28 | 20.48 |
| 2021 | 0 | -1.35 | -0.04 | 2.88 |
| 2020 | 11 | -1.31 | -0.19 | 16.67 |
| 2020 | 10 | -1.12 | 0.01 | -0.67 |
| 2020 | 9 | -1.13 | 0.18 | -13.67 |
| 2020 | 8 | -1.31 | -0.06 | 4.94 |
| 2020 | 7 | -1.25 | -0.32 | 34.94 |
| 2020 | 6 | -0.93 | -0.35 | 60.85 |
| 2020 | 5 | -0.58 | -0.53 | 1,101.29 |
| 2020 | 4 | -0.05 | 0.19 | -79.96 |
| 2020 | 3 | -0.24 | 1.21 | -83.50 |
| 2020 | 2 | -1.45 | 0.80 | -35.44 |
| 2020 | 1 | -2.24 | 0.15 | -6.33 |
| 2020 | 0 | -2.40 | -0.20 | 9.18 |
| 2019 | 11 | -2.20 | -0.23 | 11.92 |
| 2019 | 10 | -1.96 | -0.29 | 17.16 |
| 2019 | 9 | -1.67 | -0.05 | 3.25 |
| 2019 | 8 | -1.62 | 0.03 | -1.73 |
| 2019 | 7 | -1.65 | 0.06 | -3.60 |
| 2019 | 6 | -1.71 | -0.16 | 10.53 |
| 2019 | 5 | -1.55 | 0.14 | -8.39 |
| 2019 | 4 | -1.69 | 0.21 | -10.87 |
| 2019 | 3 | -1.90 | -0.12 | 6.99 |
| 2019 | 2 | -1.77 | -0.34 | 23.94 |
| 2019 | 1 | -1.43 | 0.03 | -2.13 |
| 2019 | 0 | -1.46 | 0.36 | -19.72 |
| 2018 | 11 | -1.82 | 0.28 | -13.19 |
| 2018 | 10 | -2.10 | 0.35 | -14.16 |
| 2018 | 9 | -2.44 | -0.25 | 11.17 |
| 2018 | 8 | -2.20 | 0.42 | -16.12 |
| 2018 | 7 | -2.62 | 0.25 | -8.72 |
| 2018 | 6 | -2.87 | -0.07 | 2.43 |
| 2018 | 5 | -2.80 | -0.07 | 2.58 |
| 2018 | 4 | -2.73 | -0.34 | 14.14 |
| 2018 | 3 | -2.39 | -0.10 | 4.50 |
| 2018 | 2 | -2.29 | -0.14 | 6.41 |
| 2018 | 1 | -2.15 | -0.14 | 7.03 |
| 2018 | 0 | -2.01 | 0.04 | -1.88 |
| 2017 | 11 | -2.05 | 0.09 | -4.36 |
| 2017 | 10 | -2.14 | -0.16 | 8.15 |
| 2017 | 9 | -1.98 | 0.19 | -8.83 |
| 2017 | 8 | -2.17 | -0.29 | 15.65 |
| 2017 | 7 | -1.88 | -0.21 | 12.65 |
| 2017 | 6 | -1.67 | -0.09 | 6.01 |
| 2017 | 5 | -1.57 | 0.24 | -13.30 |
| 2017 | 4 | -1.81 | 0.32 | -15.18 |
| 2017 | 3 | -2.14 | 0.18 | -7.80 |
| 2017 | 2 | -2.32 | 0.36 | -13.34 |
| 2017 | 1 | -2.68 | -0.24 | 9.75 |
| 2017 | 0 | -2.44 | -0.43 | 21.12 |
| 2016 | 11 | -2.01 | -0.38 | 23.40 |
| 2016 | 10 | -1.63 | -0.06 | 3.59 |
| 2016 | 9 | -1.58 | -0.17 | 12.27 |
| 2016 | 8 | -1.40 | -0.40 | 39.98 |
| 2016 | 7 | -1 | -0.24 | 30.73 |
| 2016 | 6 | -0.77 | 0.17 | -18.16 |
| 2016 | 5 | -0.94 | 0.02 | -2.29 |
| 2016 | 4 | -0.96 | 0.11 | -9.93 |
| 2016 | 3 | -1.07 | -0.27 | 34.39 |
| 2016 | 2 | -0.79 | 0.17 | -17.25 |
| 2016 | 1 | -0.96 | 0.36 | -27.06 |
| 2016 | 0 | -1.31 | -0.64 | 96.12 |
| 2015 | 11 | -0.67 | -0.23 | 51.54 |
| 2015 | 10 | -0.44 | -0.33 | 299.55 |
| 2015 | 9 | -0.11 | -0.21 | -215.03 |
| 2015 | 8 | 0.10 | 0.23 | -171.17 |
| 2015 | 7 | -0.14 | -0.03 | 23.28 |
| 2015 | 6 | -0.11 | -0.05 | 71.82 |
| 2015 | 5 | -0.06 | -0.16 | -163.81 |
| 2015 | 4 | 0.10 | -0.16 | -61.49 |
| 2015 | 3 | 0.26 | 0.13 | 94.20 |
| 2015 | 2 | 0.13 | 0.05 | 56.98 |
| 2015 | 1 | 0.09 | -0.06 | -43 |
| 2015 | 0 | 0.15 | 0.85 | -121.44 |
| 2014 | 11 | -0.70 | 0.57 | -44.83 |
| 2014 | 10 | -1.26 | 0.34 | -21.32 |
| 2014 | 9 | -1.60 | -0.01 | 0.40 |
| 2014 | 8 | -1.60 | 0.04 | -2.54 |
| 2014 | 7 | -1.64 | 0.29 | -15.15 |
| 2014 | 6 | -1.93 | 0.08 | -3.98 |
| 2014 | 5 | -2.01 | 0.05 | -2.65 |
| 2014 | 4 | -2.07 | -0.17 | 9.21 |
| 2014 | 3 | -1.89 | -0.44 | 30.34 |
| 2014 | 2 | -1.45 | -0.39 | 36.18 |
| 2014 | 1 | -1.07 | 0.45 | -29.80 |
| 2014 | 0 | -1.52 | -0.08 | 5.36 |
| 2013 | 11 | -1.44 | -0.26 | 22.48 |
| 2013 | 10 | -1.18 | -0.27 | 30.26 |
| 2013 | 9 | -0.90 | 0.22 | -19.67 |
| 2013 | 8 | -1.12 | 0.33 | -22.86 |
| 2013 | 7 | -1.46 | 0.44 | -23.27 |
| 2013 | 6 | -1.90 | -0.22 | 12.84 |
| 2013 | 5 | -1.68 | -0.39 | 30.38 |
| 2013 | 4 | -1.29 | -0.30 | 30.10 |
| 2013 | 3 | -0.99 | 0.41 | -29.26 |
| 2013 | 2 | -1.40 | 0.50 | -26.42 |
| 2013 | 1 | -1.91 | -0.39 | 25.95 |
| 2013 | 0 | -1.51 | 0.15 | -8.80 |
| 2012 | 11 | -1.66 | 0.02 | -1.37 |
| 2012 | 10 | -1.68 | 0.40 | -19.12 |
| 2012 | 9 | -2.08 | -0.18 | 9.52 |
| 2012 | 8 | -1.90 | -0.30 | 18.65 |
| 2012 | 7 | -1.60 | -0.29 | 22.46 |
| 2012 | 6 | -1.31 | 0.26 | -16.34 |
| 2012 | 5 | -1.56 | 0.04 | -2.51 |
| 2012 | 4 | -1.60 | 0.60 | -27.17 |
| 2012 | 3 | -2.20 | 0.35 | -13.67 |
| 2012 | 2 | -2.55 | 0.21 | -7.59 |
| 2012 | 1 | -2.76 | 0.05 | -1.92 |
| 2012 | 0 | -2.82 | 0.03 | -0.96 |
| 2011 | 11 | -2.84 | 0.43 | -13.19 |
| 2011 | 10 | -3.27 | 0.12 | -3.56 |
| 2011 | 9 | -3.40 | 0.33 | -8.94 |
| 2011 | 8 | -3.73 | -0.10 | 2.68 |
| 2011 | 7 | -3.63 | -0.15 | 4.38 |
| 2011 | 6 | -3.48 | -0.07 | 2.05 |
| 2011 | 5 | -3.41 | 0.01 | -0.29 |
| 2011 | 4 | -3.42 | -0.42 | 13.82 |
| 2011 | 3 | -3 | -0.48 | 19.12 |
| 2011 | 2 | -2.52 | -0.58 | 30.14 |
| 2011 | 1 | -1.94 | -0.48 | 32.54 |
| 2011 | 0 | -1.46 | -0.14 | 10.27 |
| 2010 | 11 | -1.33 | -0.36 | 37.64 |
| 2010 | 10 | -0.96 | 0.03 | -2.93 |
| 2010 | 9 | -0.99 | -0.04 | 4.04 |
| 2010 | 8 | -0.95 | -0.01 | 0.59 |
| 2010 | 7 | -0.95 | 0.09 | -8.41 |
| 2010 | 6 | -1.04 | -0.18 | 21.31 |
| 2010 | 5 | -0.85 | 0.97 | -53.14 |
| 2010 | 4 | -1.82 | 0.21 | -10.14 |
| 2010 | 3 | -2.03 | 0.08 | -3.68 |
| 2010 | 2 | -2.10 | -0.17 | 8.83 |
| 2010 | 1 | -1.93 | 0.49 | -20.30 |
| 2010 | 0 | -2.43 | 0.10 | -3.79 |
| 2009 | 11 | -2.52 | -0.89 | 54.84 |
| 2009 | 10 | -1.63 | -2.02 | -514.48 |
| 2009 | 9 | 0.39 | -1.10 | -73.74 |
| 2009 | 8 | 1.50 | -0.21 | -12.21 |
| 2009 | 7 | 1.70 | -0.61 | -26.45 |
| 2009 | 6 | 2.32 | 0.67 | 40.71 |
| 2009 | 5 | 1.65 | 0 | 0 |
