Where you should put your money in 2023

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While inflation has started to cool down, it remains at higher levels. In an effort to curb inflation, the Federal Reserve aggressively increased interest rates over the past 17 months, making products like credit cards, personal loans and mortgages more costly.

However, the news isn't all bad. While higher interest rates make borrowing more expensive, it has also increased yields on savings vehicles like high-yield savings accounts and certificates of deposit (CDs). That's good news for savers who may be looking for ways to grow their money with less risk.

Check your savings and CD account options here now to see how much more you could be earning!

Not sure what savings vehicles might benefit you the most? Let's examine the options and see what financial experts recommend.

High-yield savings accounts have been growing in popularity ever since the Fed began its current rate hike cycle. As its name suggests, high-yield savings accounts offer an annual percentage yield (APY) significantly higher than a traditional savings account.

According to the most current data from the FDIC, the average rate for savings accounts is 0.42%, but this figure doesn't include high-yield savings accounts. However, when you shop and compare savings yields online, you'll likely see yields ranging from 4.30% to 5.50%. Without the overhead of brick-and-mortar offices to maintain, these online financial institutions can offer APYs several times higher than the national average.

"My advice is to use [high-yield savings accounts] for your emergency fund or short-term savings goals," says James Allen, a certified public accountant and founder of Billpin. "They offer a higher interest rate than a regular savings account and are still easily accessible."

Learn more about your high-yield savings account options here now.

Another savings option earning higher rates is CDs, which guarantees a specific rate of return when you leave your money in an account for a set term, usually ranging from one month to five years.

CDs can be an excellent option if you anticipate interest rates may decrease since the rate is locked once you open the account. However, if you pull your money before the end of the term, you'll likely incur an early withdrawal fee, usually in the form of lost interest. For example, the fee for withdrawing money early from a Chase CD of two years or longer is 365 days of interest on the withdrawn amount. However, this fee will not exceed t