The inflation rate sat at 2.4% in January 2026. That means if you have a savings account with an annual percentage yield (APY) below 2.4%, your money is actually losing value.
For example, a mobile phone that cost $500 last year now costs $512. But if your savings account has an APY of only 1.5%, $500 in that account only grew to $507.50.
Your balance may have increased, but your purchasing power decreased.
That's why it's important to be proactive about where you put your savings. We've named savings products that have consistently outpaced inflation, ensuring your money will go further year after year.
Savings accounts that outpace inflation
High-yield savings accounts
High-yield savings accounts are like traditional savings accounts, but with better returns. Here are some of our favorites.
Marcus by Goldman Sachs
The Marcus Online Savings Account is a HYSA with a competitive rate and no monthly service fees, overdraft fees or excessive transaction fees. There's also no minimum balance requirement, which gives you the flexibility to deposit as much as you'd like.
Marcus by Goldman Sachs High Yield Online Savings
Annual Percentage Yield (APY)
3.50%
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 balance or deposit
- No monthly fees
- No limit on withdrawals or transfers
- Easy-to-use mobile banking app
- Offers no-fee personal loans
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
EverBank
EverBank Performance℠ Savings currently offers one of the highest rates on the market. There are no monthly fees, no overdraft or excessive transaction fees and no minimum balance requirements.
EverBank Performance℠ Savings
Annual Percentage Yield (APY)
3.90% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
You may conduct up to 20 external transfers per day, subject to a maximum of 10 transfers that pull deposit funds from a linked external account into your accounts at EverBank and a maximum of 10 transfers that send deposit funds from your accounts at EverBank to a linked external account, and up to 50 total external transfers per month.
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- Limited physical branch locations
CDs
A CD allows you to lock in your rate for as little as three months or as long as five years (or longer). That can give you some stability if you're worried about the value of your savings.
Marcus by Goldman Sachs
Yes, we're mentioning Marcus by Goldman Sachs again. The online bank offers CD terms ranging from 6 months to 6 years, with a minimum deposit of just $500.
If you think you might need to access funds early, Marcus also offers no-penalty CDs with 7-month, 11-month and 13-month terms.
Marcus by Goldman Sachs® CDs
Annual Percentage Yield (APY)
From 3.85% to 4.05% APY
Terms
From 6 months to 6 years
Minimum deposit
$500
Monthly fee
None
Early withdrawal penalty fee
If you withdraw the balance entire principal amount from your CD account prior to maturity, you'll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here's how early withdrawal penalties are calculated:
Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
- Offers CD options to raise your APY and withdraw with no penalty
- 10-Day CD Rate Guarantee: If the rate on your CD goes up within first 10 days of opening, you'll get that rate automatically
Cons
- $500 minimum deposit
- You can't access your money before your CD term ends
- Early withdrawal penalty fees apply
- No physical branch locations
Synchrony Bank
Synchrony Bank CDs are available for terms of three months to five years, with no minimum deposit required. The online-only bank also has a bump-up CD with a 24-month term that allows a one-time, penalty-free rate increase before maturity.
Synchrony Bank CDs
Annual Percentage Yield (APY)
From 0.25% to 4.00% APY
Terms
From 3 months to 60 months
Minimum balance
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 (the last day of the CD term). The penalty is applied to the amount of principal withdrawn (there's no penalty on interest). For the No-Penalty CD, early withdrawals are not permitted within the first 6 days after account funding. Following that, only withdrawal of the entire balance is allowed.
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No minimum balance
- No monthly fee
- Offers CD options to raise your APY, withdraw with no penalty and save for retirement
Cons
- You can’t access your money before your CD term ends
- Early withdrawal penalty fee on certain CDs
- No physical branch locations
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.
LendingClub
LendingClub offers competitive CD rates with terms ranging from six months to five years. Like Marcus, it requires a $500 minimum deposit.
LendingClub CDs
Annual Percentage Yield (APY)
From 3.40% to 4.10% APY
Terms
From 6 months to 5 years
Minimum deposit
$500
Monthly fee
None
Early withdrawal penalty fee
Early withdrawal penalty applies. For terms 1 year or less, the penalty is 90 days simple interest. For terms greater than 1 year, the penalty is 180 days simple interest.
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
Cons
- $500 minimum deposit
- You can't access your money before your CD term ends
- Early withdrawal penalty fees apply
- No physical branch locations
Money market accounts
Money market accounts (MMAs) earn interest while offering checking account features such as check-writing and debit cards. MMAs may require higher minimum balances than traditional savings accounts, but, in return, they offer flexibility and higher earning potential.
EverBank
The EverBank Performance℠ Money Market offers an above-average APY for the first year, which is capped at balances up to $250,000. There is no minimum balance requirement or monthly fee and savers get checks and a debit/ATM card.
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
Quontic Bank's Money Market Account comes with a competitive rate, no monthly fee and a modest $100 minimum opening deposit. While it does include a debit/ATM card, it's only for cash withdrawals. (You can deposit money through transfers, wires or mobile app.)
Quontic Bank Money Market Account
Annual Percentage Yield (APY)
Up to 4.00% APY
Minimum balance
$100 minimum deposit
Monthly fee
None
Offer checks?
Yes
Offer debit/ATM card?
Yes
Terms apply.
Pros
- Above-average APY
- No monthly fee
- Access to checks and debit/ATM card
- Physical branch locations
Cons
- $100 minimum deposit
ZYNLO Bank
Online-only ZYNLO Bank offers a competitive APY on its money market account, which is capped at $250,000. There are no monthly fees and a just a $10 minimum deposit. While the account doesn't include check-writing features, you can make unlimited withdrawals with your debit card.
ZYNLO® Money Market Account
Annual Percentage Yield (APY)
Up to 3.90% APY
Minimum balance
$10 minimum deposit; $.01 minimum balance to obtain APY
Monthly fee
None
Offer checks?
No
Offer debit/ATM card?
No
Terms apply.
Pros
- Above-average APY
- No monthly fee
- All deposit amounts above FDIC limit are fully insured by the Deposit Insurance Fund (DIF) aka your deposits get unlimited coverage protection
Cons
- Highest APY is only available on balances up to and including $250,000
- $10 minimum deposit
- No checking account features
- No physical branch locations
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. 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.
