The United States may default on its debt. Here’s where to put your money now.

A June 1 deadline Looking forward to the US. By that date, the country may run out of money to pay its bills. If an agreement to raise the debt ceiling is reached early, business can continue as normal. Getting to that point, however, has been a difficult one Discussions between lawmakers Went back and forth.

“[W]”E still anticipates that the Treasury will likely no longer be able to meet all of the government’s obligations if Congress does not act to raise or suspend the debt ceiling as early as June, and potentially before June 1,” Treasury Secretary Janet Yellen said. Recently wrote.

In this economic uncertainty – combined with existing concerns on high interest rate and a possibility recession As the year draws to a close – many Americans may be taking a closer look at their investments. Where should they put their money? And where should they consider moving now?

Start by exploring high-yield savings accounts to see how much more you can earn

Where to put your money in today’s economy

Here are two smart (and safe) places to keep your money now.

A high-yield savings account

While higher interest rates aren’t great news for certain sectors of the economy, they can be a welcome boost for select deposit vehicles. High Yield Savings Account One of these types. Rates on high yield savings accounts It has grown exponentially in recent months, making it a great way to grow your savings without worrying about the volatility of the wider economy.

The interest rate on regular savings accounts is around 0.40%, respectively FDIC. But high-yield savings account rates are many times higher, with many Options are available in the 4% to 5% range. How much is that equal to a year? Using a $5,000 deposit as an example, the saver uses a Regular savings account Only after a full year can expect to see that increase to $5,020. But those who make the same deposit in a high-yield account will have a bottom line of $5,200 over the same period. And that’s only at a 4% rate. Chances are good that you can get an account with higher returns, especially if you choose to use one Online Bank.

Just remember that interest rates on high-yield savings accounts are variable so the rate you get when you open it may not be the rate you keep in the long run. Still, your account, unlike other investments, won’t suffer from turbulence in the broader economy. While debt negotiations are still messy, it makes sense to save as much of your money as possible. High-yield savings accounts provide that opportunity.

Check account rates and options here now and start earning more interest

A certificate of deposit (CD) account

CD, like high-yield savings accounts, are currently available at substantially higher interest rates than in recent years. Accordingly, they are a great way to protect and grow your money. rate on this account In the 4% to 5% range, many come with little or no No penalty. Deposit your money for only one selection duration And watch it grow from there.

CDs, however, are only for certain terms. After that period expires you will need to renew it (perhaps at a different rate than what you opened it with) or withdraw your money and put it somewhere else. CDs are rate locked, giving you an extra measure of protection in today’s climate. To get the full interest, though, you’ll need to lock in your money for the duration of the term. If you’re comfortable doing that, a CD makes sense for you now, especially considering that you’ll be locked in no matter what happens in the short-term rate environment. But, if you want to access your money frequently, A high-yield account may be the preferred option.

Explore your CD interest rate options here now to learn more

Bottom line

With a loan default potentially coming within days, it may make sense to get your finances in order now to prepare for the worst-case scenario. Although you should always have a diversified portfolio of stocks, bonds and maybe the gold, it can’t hurt to protect your traditional savings by moving a portion into a high-yield account or a CD. These accounts will protect your money and grow it at a rate you can’t keep it in a regular account.

Learn more about your high-yield and CD options to see which one suits you best.