In today’s unique economic climate, in which interest rates are still high but inflation appears to be cooling significantly, Americans should be particularly judicious about where they keep their savings. With rates high but the prospect of a cut growing, it makes sense to take advantage of select accounts and financial opportunities now, while they’re still advantageous.

The start of a new month is often a good time to review what’s been working financially — and where your money could use a boost. Fortunately, with multiple savings account options available, now is a good time to save money at high rates. But how, precisely, can you boost your savings in July without taking any unnecessary risks? Below, we’ve gathered three easy and effective ways to do so this month.

Start by seeing how much more interest you could be earning with a CD account here.

3 easy ways to boost your savings this July

Here are three simple and easy ways to grow your money this month — and in the months ahead.

Open a CD

A certificate of deposit or CD is an easy way to grow your money, especially now. Simply open an account with an online bank (since they generally offer higher interest rates) and deposit an amount of money you feel comfortable parting with for the full CD term. 

Whether you choose a short-term CD (12 months or less) or a long-term one (more than 12 months), both offer exponentially higher rates than average savings accounts do right now. And your money will be protected both from the temptation to spend it (since you’ll get stuck with an early withdrawal penalty if you do) and broader economic headwinds (since the rate you opened the account with is locked for the full term). 

See what CD rate you could lock in this July here.

Open a high-yield savings account

High-yield savings accounts come with rates almost as high as the best CDs right now but you won’t need to give up access to your funds the way you would with a CD. Instead, high-yield savings accounts operate the same way traditional savings accounts do, just with a much higher return. 

But there is a catch: The rates on these accounts are variable and subject to change as the rate climate evolves. So it behooves savers who want to earn more on their money, but don’t want to lose accessibility, to act now, early in July. If they wait and the federal funds rate is cut later this summer or in the fall, the rates on high-yield savings accounts will inevitably fall, too.

Get started with a top high-yield savings account here now.

Consider refinancing 

While a formal cut to the federal funds rate will ensure that rates on borrowing products and savings vehicles drop, lenders don’t need to wait for that to happen to adjust their rate offers. Rates have already started to fall in anticipation of a formal rate cut, providing an opportunity for some borrowers to take advantage by refinancing their existing, high-rate debt. 

So, if you bought a home with a mortgage rate over 7% in 2023, you may be able to earn some substantial savings by refinancing to today’s average lower rate. If you borrowed with a home equity loan, similarly, it may make sense to refinance now. Just do the math carefully to make sure it’s truly worth acting on versus waiting for a potentially better opportunity later this year.

See what mortgage refinance rate you’re eligible for here. 

The bottom line

This July marks an opportune time to grow your savings and potentially cut your expenses simultaneously. Thanks to an elevated rate climate that could be falling soon, savers should capitalize by opening high-rate products like CDs and high-yield savings accounts. Borrowers should also explore ways to save more by potentially refinancing their current debt at today’s slightly lower rates. By making these moves at the start of July, you’ll be able to boost your savings both this month and in the months ahead.