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This article contains information about High Yield Savings, mph.bank 10 month high-yield CD and Blue Federal Credit Union Money Market Deposit Account that may be out of date.

When you have a little bit of extra cash, you may want to put them in a bank account to save for the future. The rightest time to make smart decisions and stop keeping your savings in a freezer has come. After a series of interest rate hikes, now is a very good time to take advantage of the higher savings yields.
There are several savings options that can be a good place to keep your savings. They will help you protect your money and even get the biggest back for your buck.
Here are savings account options worth considering:
- High-yield savings accounts: These savings accounts offer higher interest rates than traditional savings accounts, low fees, and convenient access to your funds through online banking or mobile banking. This type of accounts is also FDIC-insured, which means that the government will protect your money up to $250,000 per bank per account type in case the bank fails.
The top savings accounts have an average 4.69% rate. Plus, they may offer bonus interest rates for meeting specific requirements. For example, the M1 High-Yield Savings Account offers 5.00% APY1 (annual percentage yield) to M1 Plus members, with the Connexus Credit Union - High Yield Savings Account you can get 4.75% APY, and the Quontic High Yield Savings Account will get you 3.50% APY.
- Certificates of deposit (CDs): This type of savings accounts guarantees a set interest rate for a specific period of time. While the rate is locked and won't change through the course of your CD's term, you won't be able to access that money either. So it's a great option when you want to avoid spending and concentrate on earning high interest instead.
CDs can also be FDIC-insured. The top CDs with a one-year term can have as high as 5.55% APY. Here are some CD options: an 11-month CD First Citizens Bank with 5.00% APY290 $comm_290 = "yes"; ?> (not available in all states), the Patriot Bank 13-Month High-Yield CD with 5.15% APY*, and mph.bank 10 month high-yield CD with 5.30% APY.
- Money market accounts (MMAs): This type of savings accounts tends to pay higher interest rates than traditional savings accounts but limit the number of transactions you can make by check, debit card, or electronic transfer. Money market accounts can have higher minimum balance requirements than other savings accounts.
Money market accounts are insured by FDIC or NCUA up to $250,000. The top MMAs can pay higher than 5% APY. For example, the Lemmata Savings Bank Money Market Deposit Account comes with 5.03% APY, the Blue Federal Credit Union Money Market Deposit Account has 5.15% APY, and the Patriot Bank Money Market Deposit Account pays 5.22% APY*.
It's important to note that interest rates of high-yield savings accounts and MMAs are typically variable, meaning they can change over time. Thus, while the Federal Reserve hasn't started lowering the interest rate, it is the right time to reap the benefits of more generous returns.