The interest rate on most savings accounts is fairly low. But that doesn't mean all is lost as there are several options available for higher rates—you just have to look. Consider tiered accounts that offer higher rates as you deposit more money. Another option is the high-yield savings account, which pays more when you deposit a higher balance, usually over $5,000. If that's not enough, you may want to open a money market account, which has the features of both a checking and savings account. This type of account uses the money you deposit to invest in other vehicles. But it's still highly liquid.