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# Where you should put your money in 2023
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Tim Maxwell
Tim Maxwell is a freelance writer who covers investing, real estate, banking, credit education and other personal finance topics.
August 10, 2023 / 9:32 AM EDT / CBS News
The best places to save your money will likely depend on yield, liquidity and your financial goals, among other considerations. lOvE lOvE/Getty Images
While inflation has started to cool down, it remains at higher levels. In an effort to curb inflation, the Federal Reserve aggressively [increased interest rates](https://www.cbsnews.com/news/federal-reserve-hikes-interest-rate-to-22-year-high-july-2023/) over the past 17 months, making products like credit cards, personal loans and mortgages more costly.
However, the news isn't all bad. While higher interest rates make borrowing more expensive, it has also increased yields on savings vehicles like [high-yield savings accounts](https://www.cbsnews.com/news/high-yield-savings-account/) and [certificates of deposit (CDs](https://www.cbsnews.com/news/whats-a-certificate-of-deposit-cd/)). That's good news for savers who may be looking for ways to grow their money with less risk.