By Sabrina Karl

While low interest rates are welcome for those borrowing money, they are dismal news for cash savers. And you can certainly count savings account rates among the economic casualties of Covid-19.

What banks and credit unions pay on deposit accounts is directly related to the federal funds rate, which the Federal Reserve sliced to zero when the pandemic took hold. Even worse, it recently projected rates will remain at zero into 2022.

Savers have suffered this territory before. The Great Recession sent the fed funds rate to zero in December 2008 and it anchored there for seven long years. Not until December 2015 did the Fed begin raising rates, and only in December 2018 did it reach 2%.

With the coronavirus crisis sending rates back to the cellar, what’s a cash saver to do? While there’s no way to earn the rates available last year, here’s how to earn — and keep — as much as you can.

First, do your homework. Chances are very high that you can substantially outearn the savings rate at your primary bank. By opening an online savings account, you can easily earn 15, 20, or even 25 times the national average rate.

Second, consider rewards checking accounts. These accounts pay a high interest rate on your checking balance if you conduct certain activities like using the debit card a minimum times per month.

Third, if you can hold some of your cash untouched for a while, consider a CD. While CD rates are also depressed right now, they typically pay more than savings accounts. Again, do your homework.

Lastly, avoid fees. Though a $5 or $10 monthly bank fee might not seem too onerous, it erases some of your earnings. Choosing an account with no fees or waivable fees will maximize your return.