Where to find higher yields

Here's how to make more on your savings

At a time when the best CDs are barely paying 2%, everyone's looking for a way to earn more on their savings.

Here are seven of our favorite options for boosting your yields to 3%, 5% or even more.

None is federally insured, so with one notable exception, you'll have to assume more risk in pursuit of better returns.

But even the best CD rates from the hundreds of banks and credit unions in our extensive database barely keep up with inflation.

So if you're playing it safe, you're already losing money.

What's worse is that the Federal Reserve seems determined to hold interest rates at record lows for at least the next 18 months — maybe longer.

That means we're still several years away from what we'd consider to be reasonable returns on bank deposits — think 3% on a 2-year CD and at least 5% on a 5-year CD.

Can you afford to wait that long? Or should you be looking to put at least some of your savings in a riskier but more lucrative investment?

By Craig Guillot
Interest.com Contributing Editor