Just got laid off? Here's where to put your severance right now

Losing a job can be stressful but getting a severance check can soften the blow. And there are ways to use that money to improve your financial footing.

First things first, if you're carrying high-interest debt, that lump sum could be a chance to wipe out balances that have been draining your bank account. If your debt is manageable, your severance might be better off parked in a safe place while you figure out your next move. That could mean building or beefing up your emergency fund, especially if you're unsure how long your job search will take.

Here's a look at some of the best places to stash your severance so it's safe, accessible and earning interest.

The EverBank Performance Savings account currently offers one of the highest APYs we've seen among high-yield savings accounts. These rates change frequently but EverBank's has ranked among the more competitive options. That's especially notable as rates have come down following the Federal Reserve's rate cuts in September. Parking your severance in an account like this allows your money to earn interest, which can be helpful if you want your cash to grow while you figure out your next move.

High-yield savings accounts are generally strong in terms of liquidity but most don't allow direct spending, so you typically need to transfer funds to your primary checking account before spending them. Depending on the bank, transfers can take a few business days.

One option that adds flexibility is the UFB Portfolio Savings account, which comes with a free ATM card. While UFB doesn't have physical branches, it offers access to more than 90,000 fee-free ATMs nationwide through networks like Allpoint, MoneyPass and Chase. That can make it easier to access your cash if you need it quickly.

Money market accounts can offer similar APYs to high-yield savings accounts but with added checking-style features, such as check-writing privileges and debit card access. For example, the EverBank Performance Money Market account includes checks and a debit or ATM card, and it reimburses out-of-network ATM fees. That combination can appeal to savers who want competitive yields with more day-to-day access.

If you want an account with minimal costs and no hoops to jump through, the Marcus by Goldman Sachs High Yield Online Savings account stands out. It charges no monthly fees, has no minimum deposit requirement and no minimum balance requirement. The account is simple to use and offers easy mobile access, making it a straightforward place to deposit your severance and let it grow without added conditions.

The Ally Bank Money Market Account is another low-cost option with a competitive APY and daily compounding. There are no balance tiers, no monthly maintenance fees and no minimum balance requirement. Customers also get fee-free access to more than 75,000 ATMs through the Allpoint and MoneyPass networks, plus up to $10 per statement cycle in out-of-network ATM fee reimbursements.

If your severance check is substantial, you may not want to keep all of it in one place. For emergency savings, experts typically recommend setting aside at least 3 to 6 months' worth of expenses but you can add more if you prefer.

If your severance exceeds what you need for short-term bills and a healthy emergency cushion, the rest could be invested for longer-term growth. A taxable brokerage account, like those offered by Charles Schwab or Fidelity, is great because it allows you invest in a wide range of assets, including low-cost index funds, ETFs and individual stocks with no annual contribution limits or early withdrawal penalties.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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