Regular savings accounts may feel safe, but they have one big problem, low interest rates. With prices going up every year, the money in your account could actually lose value instead of growing.
If you want better returns without giving up easy access to your cash, there are plenty of alternatives. These options give you a chance to grow your savings faster while still staying safe.
What is Wrong With Regular Savings Accounts?
Most regular savings accounts give you very little interest, often less than 1% a year. That means your money grows really slowly. On top of that, inflation makes prices go up every year, so even if your account balance grows a little, your money might not buy as much as before.
Because of this, many people look for safer places to keep their money where it can grow faster, but still be easy to access.
Top Savings Account Options That Earn You More Money
You do not need to be a finance expert to use these options, and many accounts can be opened online in just a few minutes.
High‑Yield Savings Accounts
A high-yield savings account (HYSA) is a type of savings account that is similar to an ordinary savings account, except it has a much higher interest rate, sometimes many times higher than a typical bank account.
The majority of them are web banks, and they are FDIC-insured, and therefore your money is secure. Many HYSAs in 2025 pay much more than old savings accounts, which helps your emergency fund grow faster.
Certificates of Deposit (CDs)
A CD is a deposit you lock in for a set time, like 6 months, 1 year, or 3 years. Banks and credit unions insure them, so they are safe.
CDs often pay much more than regular savings accounts. The trade-off? If you take your money out early, you pay a penalty. So only use money you would not need right away.
Money Market Accounts
Money market accounts (MMAs) can pay higher interest than a regular savings account and may let you write checks or use a debit card.
MMAs are good if you want some flexibility but still want higher returns. Some banks require higher balances to get the best rates or avoid fees, so check account details.
Money Market Mutual Funds
These accounts finance in short-term, safe debt like Treasury bills, commercial paper, and CDs. They are meant to be very stable and easy to access, so many investors treat them like “cash alternatives.”
Unlike bank accounts, these are not FDIC-insured, so there is a small risk. But they often give competitive yields while staying low-risk.
Treasury Bills (T‑Bills)
T-Bills are short-term loans to the U.S. government. They are safe because the government backs them. You buy them at a discount and get the full value at maturity, with the difference being your interest.
You can buy T-Bills directly through TreasuryDirect or a brokerage account, often for as little as $100. They give higher yields than a normal savings account with very low risk.
Treasury Bonds and Notes
Treasury notes (2–10 years) and bonds (up to 30 years) are longer-term government loans. They pay fixed interest every six months and return your original money at maturity.
Like T-Bills, they are very safe. They are good for long-term savers who want higher yields but still want security.
I Bonds and Other Inflation-Protected Bonds
I Bonds are U.S. savings bonds that combine a fixed rate with an inflation rate. This helps your money keep up with rising prices. Rates change every six months, so they are great when inflation is high.
They can only be purchased in small quantities annually, and must be maintained for at least a year, and small penalties are to be paid in case of less than five years’ holding. Treasury Inflation-Protected Securities (TIPS) share the same.
High‑Yield Checking Accounts
There are other banks and credit unions that have high-interest paying checking accounts to a specific limit. You may be required to make a couple of payments monthly, such as using a debit card, making direct deposits, or having e-statements, to obtain the best rate.
They are awesome when you frequently use your debit card and do not require much access to cash, and are earning extra interest, rather than using regular savings.
Short-Term Bond Funds
Short-term bond funds invest in those bonds that have a short maturity of a few years or less. They may be either government, corporate, or municipal bonds and are intended to yield higher returns than cash at moderate risk.
They are not risk-free because bond prices can change. But they balance growth and safety for money you do not need immediately.
Fixed Annuities
A fixed annuity is an insurance product in which you present a lump sum to a company, and they provide you with a constant interest rate or a steady stream of payments in the future, usually during retirement.
Fixed annuities can give higher rates than savings or CDs, but they are less liquid; taking money out early can be hard or costly. They work well for people close to retirement who want a guaranteed income, not for those who need quick access to cash.
Conclusion
It is easy to keep money in a regular savings account, but this usually comes at the cost of not using safer alternatives to increase your cash at a faster rate. When considering savings account options, you can find the appropriate goal and timeframe to achieve with every dollar.
Through a bit of forethought and a proper combination, your savings can be kept secure, generate higher income than standard accounts, and get you to your financial aspirations sooner, without making your life difficult.