The current recession brought positive results in relation to personal savings. In fact, the personal savings rate has increased since the beginning of the recession.

Where should you put those savings?
As more people cut back on the nonessentials here are some suggestions:
High yield savings account. This is the most basic level of savings. However, with recent interest rate cuts, you may get something in the 2% – 3% range.

Local rewards checking accounts. Even though you have to keep a minimum, the yields are better than the savings account.

CD ladder. Depending on the amount of the CD, and its term, you can get rates ranging from 3% to 7%.

Bonds. Government and corporate debt is considered relatively “safe”, and bond investing is considered a cornerstone of capital preservation However, yields are extremely low, although you can find higher yields on bonds with greater risks.