Today’s news headlines often report higher interest rates with a sense of doom and gloom. While those rates can increase the cost of borrowing money, they can offer a bright spot to savers. That’s why now may be a good time to conduct an audit of your savings accounts and banking vehicles to see if you’re making the most of your money: Can you do better than a standard interest-bearing checking account? Consider investing in one or more of these savings vehicles to ensure you’re taking full advantage of higher rates.

• Savings Accounts. You may already have a savings account at your bank or credit union, but now might be the time to consider a high-yield savings account. What’s the difference? A high-yield savings account will pay you more interest on your deposits, allowing you to grow your savings balances more quickly. Be sure to ask your financial institution about minimum balances, withdrawal limits, and any associated fees so you can compare which type makes sense for you.
• Money Market Accounts. If you feel more comfortable with easier access to your money, a money market account may be a good option. Some institutions allow you to write checks against a money market account while still earning a higher interest rate on your balance than a regular savings account (although not as high as with a high-yield account). Check with your financial institution on required opening and minimum balances, as they are typically higher with this type of account than for most savings accounts.
• Certificates of Deposit. Certificates of Deposit, or CDs, are options for funds you won’t need access to until their “date of maturity,” which may range from months to several years. The longer the maturity date, the more you’ll earn on your initial savings investment. One advantage of this savings vehicle is that the interest rate stays the same from the day you open your CD, whereas rates for savings accounts are likely to fluctuate with the market. The downside is that once you invest your money in a CD, accessing your money is more of a challenge—even in an emergency.
• Treasuries. You may not know that you can purchase savings and investment vehicles directly through the U.S. Department of the Treasury, including savings bonds. Depending on the vehicle and the term, your rates will vary, but are typically competitive with any savings account or instrument from your financial institution.

Whatever options you are considering, make sure you check to make sure your account will be insured by the Federal Deposit Insurance Corporation—or FDIC. You can search for your bank at FDIC.gov and credit unions through Mycreditunion.gov to make sure. And remember, you can find helpful tools and calculators in the Fidelity library as you assess your savings and investment options.

Now that you’ve got some information on different savings vehicles, you can use it to inform your participation in the upcoming Fidelity webinar, “Setting Goals and Habits That Stick” on August 22.