Karen Bennett

Just 1 in 5 households has increased their emergency savings in 2023, while 60 percent feel behind on saving for emergencies.

In recent years, Americans were hit with the one-two punch of soaring inflation and higher borrowing rates — making it difficult for some to add money to their savings account each paycheck.

Read up on leading CD rates today and the impact of economic trends on your savings. Bankrate can help you choose the right CD offer to maximize your savings potential.

High-yield savings and money market accounts may offer higher returns with more accessibility.

Images by Getty Images; Illustration by Issiah Davis/Bankrate

Checking and savings accounts are different. Should you have one, the other — or both?

Suppose you’re unexpectedly called into your boss’s office one day and given the tough news that you’re getting laid off. Panic sets in as you think about bills, rent and putting food on the table.

High-yield savings accounts offer the best of both worlds: easy access to your money combined with a rate of return that's competitive for deposit accounts.

High-yield savings accounts offer the best of both worlds: easy access to your money combined with a rate of return that’s competitive for deposit accounts. This makes high-yield savings accounts a great place to set aside funds for emergencies or other short-term financial goals.

Key takeaways While a brokered CD works similarly to a traditional CD, there are some key differences to understand.