Can you finally start making some money on your savings? The Federal Reserve has raised its benchmark interest rate twice since December 2016 and expects two more rate hikes for 2017. Despite this, major banks haven’t budged on the yields they pay on most deposit accounts. You can do much better if you are willing to move your money to an FDIC-insured online-only bank or an easy-to-join credit union. Best cash yields now…

Savings accounts: Online-only banks typically offer the most attractive interest rates. Just check to make sure you’re not getting a teaser rate that expires after an introductory period. Best deal… 

Dollar Savings Direct. 1.25% annual percentage yield (APY) on balances. No minimum opening deposit. DollarSavingsDirect.com

One-year CD: If you lock up your money for 12 months, you can buy certificates of deposit (CDs) to earn yields superior to any currently available on money-market or savings accounts. Best deal… 

Connexus Credit Union. 1.5% APY, $5,000 minimum. Join for a onetime $5 charitable donation. ConnexusCU.org

Five-year CD: Even the best of today’s yields on standard long-term CDs are unappealing, given that interest rates are likely to rise over the next few years. However, one strategy may prove useful. Yields on five-year CDs with unusually low penalties for early withdrawal compare favorably to those on one-year CDs. If interest rates don’t rise, you’ll earn good money. If interest rates rise substantially, you can break out of your CD early without losing much. Best deals…

Capital One 360 five-year CD. 2.30% APY, early-withdrawal penalty of six months’ interest. If you cash out after one year, your effective APY is 1.15%. No minimum purchase. CapitalOne.com

Ally Bank five-year CD. 2.25% APY, early-withdrawal penalty of five months’ interest. If you cash out after one year, your effective APY is 1.31%. No minimum purchase. Ally.com

Rewards checking: These accounts -offer attractive yields considering that you don’t have to tie up your money. But you must receive statements online and fulfill other monthly requirements. Best deals…

Mid-Illini Credit Union. Cash Rewards High-Interest Checking, 2.5% APY on up to $25,000, 0.15% APY on amounts over $25,000. Monthly requirements: $300 in debit card purchases, $300 in direct deposits and $300 in online bill payments. If requirements are not met, APY is 0.03% for the month. Join for a onetime charitable donation of any amount. MidilliniCU.com

Georgia Banking Co. Free Kasasa Cash Checking, 2.15% APY on amounts up to $25,000 (for higher amounts, 0.40% interest rate on the portion above $25,000). Monthly requirement: 12 debit card purchases. If the requirement is not met, 0.02% APY for the month. GeoBanking.com

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