Here's how to find a good place for the money you're saving for a few days or a few years.

You won't earn the lucrative returns savers enjoyed the past couple of years. Interest rates are just too low right now.

The Federal Reserve has been cutting the rates it charges commercial banks to borrow money, hoping the banks will then lower rates on all sorts of consumer loans.

Unfortunately, that also allows banks to pay less for deposits, and they've cut the rates they pay savers far faster and more deeply than they've lowered the rates they charge borrowers.

Although there are signs that the Fed may begin raising rates this fall or winter, you still need a place to stash your cash. A savings account, money market or certificate of deposit paying an OK yield is better than earning nothing at all.

Savings accounts are for money you might need in the upcoming weeks or months.

The balance should never exceed a few thousand dollars, and you should look for an account that has:

• No minimum balance.
• No fees of any kind.
• No limits on how many withdrawals you can make.

Beyond that, there are two keys to making a savings account work for you.

The first is to link your savings account to a checking account so that you can easily transfer funds between the two, using an ATM or your computer.

Some banks will allow savings accounts to provide overdraft protection for that checking account. Your savings account is automatically tapped if there's not enough money to cover all of your checks and debit card purchases (for a fee, of course).

The second key is to be paid an acceptable interest rate. You'll never get rich off the interest from a savings account, but you should be able to snag something in the 3.25% to 3.75% range. Too many big banks offer absolutely pitiful rates -- 0.25% or less in the worst cases. You can do better than that!

You'll find the best deals in our extensive database of savings account rates. And always check the "National" listings.

Don't be surprised -- or deterred -- if the best rates are offered by online banks. Just use our step-by-step advice on how to get started with an online bank.

Money market accounts are ideal for your rainy-day savings -- that three months or more of income everyone should have to get through a serious illness, layoff or other emergency. For most families, that means $10,000 to $30,000.

You want one that has:

• A reasonable minimum balance -- no more than $500 -- to avoid maintenance and other fees.
• No penalty for closing the account.
• Liberal limits on how many withdrawals you can make -- at least four or five a month.

An MMA may go untouched for a long time. But when you need it, you need it now. So you have to be able to make withdrawals 24/7. That means linking your MMA to a checking account and having a debit card that allows you to withdraw emergency cash on demand.

Earning a competitive return is also more important for an MMA than a savings account because it's a larger, longer-term investment.

The top-paying banks in our extensive database of money market rates run the gamut, with the best ones paying 3.25% to 3.50%.

Certificates of deposit are for longer-term savings -- money you're setting aside for retirement, a car, vacations or your kids' education.

With CDs, you commit money for anywhere from three months to five or even 10 years. Demand it back before the maturity date and you'll pay a penalty, usually three months worth of interest.

So the term you choose depends on two things:

• When you will need the money.
• Which term offers the best return, because good rates are what CDs are all about.

Interest rates on savings or money market accounts are variable -- they go up and down and currently are way down -- but banks and credit unions can't change the rate they pay on a CD once you've bought it. That rate is guaranteed until the CD matures.

That's why, in spite of less-than-stellar earnings, a CD remains a good option. Maybe a savings account is paying 3.50% today, but what will it pay in three months -- 3.00%?

CD rates have fallen sharply over the last nine months, but they have been ticking up the past few weeks.

If you're looking at longer-term savings -- for college tuition or retirement, buying a five-year CD with an APY of 5.0% or higher is money in the bank. You can count on it. You can budget for it. And a guaranteed 5% yield -- no matter what happens -- isn't bad.

A one-year or a 6-month CD is a good bet if you will need the money sooner. You can get a 12-month certificate with a $500 or $1,000 minimum deposit that will yield in the mid- to high-3% range. A 6-month CD will earn you a mid-3% range yield. You can compare CD rates from dozens of banks listed on Interest.com's extensive rate tables.

So you're earning a little less this year, but with a one-year term, should rates go up you can jump on a better deal when your CD matures. A 6-month CD pays a little less, but it would allow you to move sooner if rates start to rise.

To determine how much you can earn on any term CD at any interest rate, go to the Interest.com certificate of deposit calculator and run some numbers of your own.

You can also review our pointers on choosing the right CD. It will help you make the most of your investment.

By Carolyn Siegel

Interest.com Associate Editor

Have a question about your finances? Ask us at editors@interest.com.