Here's the smarter way to earn at least 3% APY on money you’re already saving

If you stockpile your savings in a traditional savings account, keep reading. Whether you're parking funds there for safekeeping or you're actively building your emergency fund, you could be missing out on money you'd earn just for doing what you're already doing.

With interest-earning options like high-yield savings accounts or certificates of deposit (CDs), your savings can earn around 3% to 4% APY — a big jump from the national savings average of 0.39% APY found with traditional savings accounts.

High-yield savings accounts are a great place to start if you want to keep your money accessible while earning an actual return. Above-average interest begins accruing as soon as you make a deposit, and before you know it, you'll see notifications or statement updates showing how much you've earned. The more you deposit, the more you earn. But either way, the real payoff comes with time.

The Marcus by Goldman Sachs High-Yield Online Savings Account is a great place to start because it offers a solid APY with no fees and no minimum deposit requirement. It's also a straightforward option if your goal is to simply grow your money, without the hassle of meeting extra requirements, juggling balances or worrying about hidden fees.

If you have less than $5,000 in savings, the Varo Savings Account may also be a strong option. It offers a high yield on balances of up to $5,000, offering you an extra boost to your savings. To qualify for the high APY, you must receive at least $1,000 in monthly direct deposits at Varo and maintain a positive balance at the end of the month across your Varo bank accounts.

Varo also offers two automated savings features: Save Your Pay, which transfers a percentage of each paycheck into savings, and Save Your Change, which rounds up checking account transactions to the nearest dollar and transfers the difference to savings.

If you tend to dip into your savings before it has time to grow, like for an impulse purchase, a CD could be another alternative. CDs offer high fixed interest rates for fixed time periods, helping you avoid the temptation to withdraw cash early. Terms typically range from one month to five years, so you can pick what timeline works best for you and your goals.

CDs offer competitive returns as an incentive for committing your funds for a fixed period. Plus, the interest rate is locked in at the time of deposit, so you're protected if rates fall during the term.

Barclays offers CDs with terms ranging from six months to five years, so whether you're saving short-term or thinking long term, there's flexibility. They also come with solid, above-average rates and no minimum deposit requirements, which keeps things simple.

If you have at least $1,500 you're willing to set aside, Bread Savings™ CDs are worth a look. While $1,500 may sound like a lot, it's actually a realistic sweet spot for many savers, as it's enough to earn a meaningful amount of interest without needing a huge balance. Bread Savings offers competitive rates and terms ranging from three months to five years, which is great if you want your money to grow steadily without feeling out of reach.

Money market accounts offer the "best of both worlds" between a high-yield savings account and easy access to your cash. With a money market account, you get checking account features like check-writing and debit card access.

For example, the Quontic Bank Money Market Account offers a strong APY with a minimum balance of $100 and no monthly fees. Account holders get a free debit card and check-writing privileges. The EverBank Performance® Money Market also offers a favorable APY and requires no minimum deposit and charges no monthly maintenance fees. With EverBank, users get access to checks and a debit card, plus ATM fee reimbursement.

The best account depends on how you plan to use your money and how much access you need to it.

• Choose a high-yield savings account if you want flexibility. There are no lock-in periods, so you can deposit and withdraw as needed. It works well for an emergency fund or for any savings goal without a fixed timeline.
• Choose a CD if you have money you don't plan to touch for a while. You lock in a rate for a set term, which is useful if you're saving toward something specific, like a vacation or a down payment, and you want to avoid the temptation to dip in early. Just keep in mind that withdrawing before the term ends usually comes with a penalty.
• Choose a money market account if you want strong returns but also need the ability to spend directly from the account. It combines higher interest rates with the spending features of a checking account, so it works well if you want one account that does both.

If you're not sure where to start, a high-yield savings account is typically the easiest entry point. From there, you can layer in a CD or money market account as your savings grow.

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 savings article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking 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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