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 (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.

  • 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.

  • 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.

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.

  • Annual Percentage Yield (APY)- From 3.40% to 4.20% 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.

  • Annual Percentage Yield (APY)- 4.05% to 4.17%

  • 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.

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.

  • Annual Percentage Yield (APY)- From 0.25% to 4.15% APY

  • Terms- From 3 months to 60 months

  • Minimum deposit- None

  • Monthly fee- None

  • Early withdrawal penalty fee- There may be an early withdrawal penalty if you withdraw funds from the principal prior to the CD maturity date, applied to the amount of principal withdrawn. For the no-penalty CD, early withdrawals are not permitted within the first 6 days after account funding. After that, only withdrawal of the entire balance is allowed.

Terms apply.

  • Annual Percentage Yield (APY)- From 3.40% to 4.20% 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.

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.

  • 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.

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Editorial Note:Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.