Monitoring the value of the dollar is important when it comes to your savings. Monitoring allows for you to make investment decisions that will help keep the value of your savings, because if you don't you risk having the money in your savings account devalue by inflation.
With the savings rate on banking accounts at historical lows, the amount of money earned would not be substantial enough to outpace the average inflation rate. Thus far, in the 21st century the average rate of inflation has been about3% - meaning that for every year, a dollar is 3% less valuable than the year before. That means that the dollar you earn today will be worth $0.97 next year
The current interest rates for high interest savings accounts are ranging anywhere from the high 1% mark to just over 3%. This is due to the Federal Reserves cutting the interest rates in order to rescue America from recession. Interest rates from consumers investing in high interest savings account are now lower so banks can try to maximize their profit margin in these times. The point being, if you were to invest all your money into a high interest savings account for the long haul and earned 3% interest on your money the value of your dollar would not change - which is good because the value of your savings would be the same as when you put it into the account.
If the inflation rate is at 3% and your interest rate is at 2% you will be able to stave off some of the inflationary cost, but ultimately with those numbers, your dollar today will be worth $0.99 next year. Of course the downturn in inflation rates is only temporary and after economy rebounds from the recession earning rates on savings will go back up. Hopefully back to an average interest rate of 3% or greater, which is in perfect harmony for balancing out the inflation rate.
This is not to say that a savings account is a bad place to stow your extra cash. Putting your money in a savings account provides you with a level of security courtesy of FDIC protection as well as guaranteeing a rate of return for your investment. Unless you need your money to be easily accessible at all times it is important to diversify your portfolio holdings into other options that will help you generate a higher rate of return to help fend off any possible future loss due to inflation.