Inflation is eating your savings — unless your account pays this much

As personal finance reporters, we’re always keen to talk about the value of savings accounts offering above-average returns. One very tangible reason why? Inflation.

The latest inflation reading is at 2.7% — meaning that if you have a savings account offering an annual percentage yield (APY) lower than that, you’re losing a percentage of your money’s value each year. Think of it like this: Something that costs $100 last year now costs $102.70, but if the interest rate on your savings account is only, say, 1.5% APY, $100 of savings only grew to $101.50. Your savings balance may have gone up, but your purchasing power actually went down.

This is why it’s important to be proactive about where you stash your savings. Here are the accounts that outpace inflation and ensure your money goes further year after year.

High-yield savings accounts are like traditional savings accounts, but with better returns. Here are some of our favorites.

Marcus by Goldman Sachs High-Yield Online Savings Account

The Marcus by Goldman Sachs® High-Yield Online Savings Account offers a solid rate and doesn’t charge monthly fees, overdraft fees or excessive transaction fees, which makes it a low-maintenance option. There’s also no minimum balance requirement, which gives you the flexibility to deposit as much — or as little — as you’d like.

EverBank Performance Savings

EverBank Performance℠ Savings currently offers one of the highest rates on the market, which makes it especially appealing as rates have started to come down following recent Federal Reserve cuts. The account comes with no monthly fees, no overdraft or excessive transaction fees and no minimum balance requirements, which gives you more flexibility.

Another way to maximize your returns is through CDs, which offer fixed interest rates for fixed term lengths. They’re a good option if you’re comfortable locking up your money for a certain amount of time, typically ranging from three months to five years. At maturity, or when the CD term is up, you get the principal plus interest earned. Any withdrawals prior usually have a penalty fee.

Marcus by Goldman Sachs

Yes, we’re mentioning Marcus by Goldman Sachs again. The bank offers CD terms ranging from six months to six years, which gives you flexibility depending on how long you’re willing to commit your funds. There’s a $500 minimum deposit, which is fairly standard. Marcus also offers no-penalty CDs with 7-month, 11-month and 13-month terms, which means you can withdraw your money early if needed.

Synchrony Bank

Synchrony Bank offers CD terms ranging from three months to five years and does not require a minimum deposit, which gives you the option to deposit as much as you’d like. The bank also offers a Bump-Up CD on its 24-month term, which allows you to increase your APY once during the term and earn a higher rate through the end of the CD before it auto-renews.

LendingClub

LendingClub offers competitive CD rates with terms ranging from six months to five years. Like Marcus, it requires a $500 minimum deposit, which makes it a straightforward option if you’re looking for a simple place to park your funds.

Money market accounts (MMAs) are another place to earn interest on your savings, plus get access to checking account features like check-writing and debit cards. MMAs may require higher minimum balances than traditional savings accounts, but, in return, they can offer flexibility and higher earning potential for savers who want both.

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 are no minimum balance requirements or monthly fees, which makes it easy to get started. Savers also get access to check-writing privileges and a debit/ATM card, which gives them flexible access to their funds.

Quontic Bank

The Quontic Bank Money Market Account offers a competitive rate and requires a relatively low $100 minimum opening deposit, which makes it accessible for many savers. The account comes with check-writing privileges and a debit/ATM card, though the debit card is for withdrawals only. There are no monthly fees, and while you can’t deposit cash into this account, you can add money through transfers, wires or by depositing checks through the mobile app.

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 small $10 minimum deposit, which makes it easy to open. While the account doesn’t include check-writing features, it allows unlimited free withdrawals.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. 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.

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