The inflation rate sat at 3.4% in July 2026, according to the new Consumer Price Index (CPI) from the Bureau of Labor Statistics, released this morning.
That means if your savings account has an annual percentage yield (APY) below 3.4%, your money is losing value. Your balance may have increased, but your purchasing power decreased.
Using the CPI as a benchmark, an iPhone that cost $500 last year could now cost $517. But if your savings account has an APY of 2.3%, $500 in that account only grew to $511.50.
If you're looking to shield your savings, these accounts consistently outpace inflation and enable your money to go further.
High-yield savings accounts
High-yield savings accounts (HYSAs) are similar to traditional savings accounts, but with returns up to 11 times the national average.
Marcus Online Savings Account and EverBank's Performance℠ Savings both have highly competitive APYs and no monthly service fees, overdraft fees or excessive transaction fees. Neither has a minimum balance requirement, either, which is helpful if you need to tap your emergency fund.
Marcus by Goldman Sachs High Yield Online Savings
Annual Percentage Yield (APY)
3.40%
Minimum balance
None
Fees
No monthly maintenance, overdraft or excessive transactions fee
Maximum transactions
No limit to the number of withdrawals or transfers you can make
Checking account
No
ATM card
No
Terms apply.
Pros
- No minimum deposit, no minimum balance and no monthly fees, making it one of the most straightforward savings accounts to open and maintain.
- No limit on withdrawals or transfers, so you can move your money as often as you need without penalty.
- Earns a competitive APY with no conditions or hoops to jump through.
- Easy-to-use mobile app makes managing your savings simple from anywhere.
- Also offers no-fee personal loans through Marcus, a useful perk if you ever need to borrow.
Cons
- Higher APYs are available elsewhere, so it may not be the top pick if maximizing your rate is the priority.
- No checking account option, so you’ll need a separate account for everyday spending.
- No ATM access or debit card, making it best suited as a dedicated savings account paired with another bank.
EverBank Performance℠ Savings
Annual Percentage Yield (APY)
3.90% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 20 external transfers per day, with a maximum of 10 transfers from a linked external account into your EverBank accounts and 10 transfers from EverBank to external accounts. Up to 50 total external transfers per month.
Excessive transactions fee
None
Overdraft fees
N/A
Checking account
Yes
ATM card
Yes
Terms apply.
Pros
- Earns a competitive APY with no minimum balance.
- Free ATM card and no ATM fees
Cons
- Limited branch locations
CDs
The best certificates of deposit have APYs that rival HYSAs, but they have fixed rates, which can give you a predictable return if you're worried rates are going to drop. If you don't want to tie up for money for too long, Happen Bank and CFG Community Bank both have robust APYs on one-year CDs and only require a $500 deposit.
Happen Bank CDs
Annual Percentage Yield (APY)
From 3.40% to 4.40% APY
Terms
From 6 months to 5 years
Minimum deposit
$500
Monthly fee
None
Early withdrawal penalty fee
For terms of one year or less, the penalty is 90 days of simple interest. For terms greater than one year, the penalty is 180 days of simple interest.
Terms apply.
Pros
- Above-average APYs
- $500 minimum deposit
- Earned interest can be transferred to a Happen Bank checking or savings account
Cons
- No physical branches
CFG Community Bank CDs
Annual Percentage Yield (APY)
4.30%
Terms
12 months to 60 months
Minimum deposit
$500
Early withdrawal penalty
Depends on the term length. Withdrawing within six days of account opening will result in a 7-day interest penalty.
Terms apply.
Pros
- Higher-than-average APYs.
- Low $500 minimum deposit
Cons
- No in-person branches
- Website not as user-friendly as other online banks
If you want to hedge your bets, Synchrony Bank has a bump-up CD with a 24-month term. You can request a one-time interest rate increase if the bank raises its rate during your term.
Synchrony Bank CDs
Annual Percentage Yield (APY)
0.25% to 4.50% APY
Terms
3 months to 5 years
Minimum deposit
None
Early withdrawal penalty
An early withdrawal penalty may be applied if you withdraw funds from the principal prior to the maturity date. For no-penalty CDs, withdrawals are not allowed within the first 6 days after account funding. After that, only the withdrawal of the entire balance is allowed.
Terms apply.
Pros
- Above-average APYs
- Nine term options, from 3 months to 5 years
- No minimum deposit
- Offers no-penalty, bump-up and IRA CDs
- If the rate increases within 10 days of account opening, you're automatically bumped up to the higher rate
Cons
- No physical branches
- No-penalty CD doesn't allow partial withdrawal
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time.
Happen Bank CDs
Annual Percentage Yield (APY)
From 3.40% to 4.40% APY
Terms
From 6 months to 5 years
Minimum deposit
$500
Monthly fee
None
Early withdrawal penalty fee
For terms of one year or less, the penalty is 90 days of simple interest. For terms greater than one year, the penalty is 180 days of simple interest.
Terms apply.
Pros
- Above-average APYs
- $500 minimum deposit
- Earned interest can be transferred to a Happen Bank checking or savings account
Cons
- No physical branches
Money market accounts
Money market accounts (MMAs) earn interest on par with an HYSA, but have the check-writing and debit cards features of a checking account.
The EverBank Performance℠ Money Market offers an above-average APY for the first year — it's capped at $250,000, but there's no minimum balance requirement or monthly fees. Quontic Bank's Money Market Account has a modest $100 minimum opening deposit, but no earnings cap.
EverBank Performance® Money Market
Annual Percentage Yield (APY)
Up to 3.80% APY
Minimum balance
None
Monthly fee
None
Offer checks?
Yes
Offer debit/ATM card?
Yes
See our methodology, terms apply.
Pros
- Above-average APY
- No minimum balance
- No monthly fee
- Access to checks and debit/ATM card
- No ATM fees and automatic reimbursements for ATM fees on U.S. ATM transactions (*Requires monthly average daily balance of at least $5,000. For balances under $5,000, Everbank will reimburse clients up to $15 in ATM fees monthly)
- Physical branch locations
Cons
Quontic Bank Money Market Account
Annual Percentage Yield (APY)
Up to 3.80% APY
Minimum balance
$100 minimum deposit
Monthly fee
None
Offer checks?
Yes
Offer debit/ATM card?
Yes
Terms apply.
Pros
- Highest APY on this list with no balance cap, so every dollar in your account earns the same competitive rate.
- Comes with both check-writing privileges and a debit/ATM card, making it one of the more accessible money market accounts for everyday use.
- No monthly fees, keeping your earnings fully intact.
- Physical branch locations available for customers who prefer in-person banking.
Cons
- $100 minimum deposit required to open the account.
The CNBC Select Recommends newsletter delivers practical money tips each week along with expert-picked financial product recommendations. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every savings article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
