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Gradual rise in deposit-account earnings
Savings accounts, certificates of deposit and money market accounts move nearly in lockstep with the federal funds rate. As the Fed pushed down rates, your savings account was one of the first places you felt that drop; vice versa when they rise.
Since the Fed is likely to raise rates gradually, the increases in deposit account rates likely will be gradual also. But that doesn't mean you shouldn't be saving money in these ultra-safe vehicles.
Compare high-yield certificates of deposit available to you.
Experts recommend: Keep three to six months' worth of expenses stowed away in an emergency fund. Those reserves should be placed in accounts insured by the Federal Deposit Insurance Corp. or the National Credit Union Administration.