Despite the recent interest rate increases by the Federal Reserve, savers are still seeing anemic returns on money held in bank accounts. Rather than be content with near-zero interest rates, finance professionals say people should rethink their emergency funds and other non-retirement savings strategies.

Brian Heckert, past president of the Million Dollar Round Table and CEO of Financial Solutions Midwest in Nashville, Illinois, says the first step is to be realistic about when and how the money will be used. “Some clients are planning for the worst-case scenario of three things breaking at once, but that’s probably not going to happen,” he says. As a result, they may have thousands of dollars sitting in a low-yield account because they want the money to be safe and easily accessible.

[Read: 4 Strategies for Coping with Low Interest Rates.]

“They think having $10,000 to $15,000 sitting idle is OK,” Heckert says. However, by doing so, they could be missing out, over time, on thousands of dollars in gains or interest available through other savings and investment options.

To heat up the returns on savings, try one of these five strategies to keep money relatively safe and relatively liquid.

Shop around for a better rate. Josh Jalinski, a financial advisor and host of The Financial Quarterback radio show, says an emergency fund covering three to six months worth of expenses might be best kept in a savings account. However, he doesn’t recommend simply depositing it at a local branch. Instead, compare rates at a number of institutions and move money to the one offering the best return. “There are a lot of options in the banking world,” he says, adding that online banks can be a particularly good choice for savings accounts. “A lot of these banks will offer a higher yield.”

Look at CDs. While consumers can buy CDs from a bank, brokered CDs are also available. These are CDs which have already been purchased and are being sold. As a result, they are closer to maturity. “As interest rates are rising, you don’t want to buy a three- to five-year CD because you’re locking in your money,” Cox says. A brokered CD can let savers earn more interest now without tying up money for years.

[See: 10 Painless Ways to Save More for Retirement.]

Consider low-risk investments. Savings accounts and most CDs are FDIC-insured at member institutions. That makes these options the safest places to park savings. To get a higher return, people may want to consider moving past the bank. While these investment options are not guaranteed to maintain or increase in value, many offer fairly predictable returns.

Bank loan funds are mutual funds that allow people to invest in the loans extended to corporations and other borrowers. Also known as senior floating rate funds, these are less volatile than some bonds, but not entirely risk-free. “It avoids bond risk, but it does assume credit risk,” Heckert says. He notes that during the recession, some of these funds saw significant declines.

Jamie Cox, managing partner with Harris Financial Group in Chesterfield, Virginia, says those looking for a more exotic investment option may want to look into peer-to-peer lending. This can be a risky option, so it’s best not to pour all your savings into these loans. “[It’s] the same as investing in a low-rated high-yield bond,” Cox says. “If you want to earn a large spread — 5 percent or so — you can if you can sustain the risk.”

Take a look at life insurance. There is disagreement among finance professionals about the wisdom of using life insurance as an investment product. However, Jalinski says available riders can make these policies an attractive place to keep savings. “The much maligned whole life [insurance] is making a comeback,” he says.

A paid-up additions rider on a whole life policy may let a person earn 3 to 4 percent on their money and have immediate access to cash when they need it. A fixed-index annuity with a return of premium rider may result in 5 or 6 percent returns, Jalinski says. Buying life insurance or annuities comes with the caveat that consumers should understand the terms of the policy and carefully consider the overall cost.

[Read: 10 Easy Ways to Pay Off Debt.]

Pay off your debt. Although it may seem counterintuitive to save money by spending it, Cox says people may be better off paying down high interest debt with their savings. Depleting a cash reserve can feel risky, but it makes financial sense. Once the debt is eliminated, money earmarked for those payments can be used to replenish a savings account.

Cox is optimistic savers will soon see better interest rates at banks. In the meantime, they should be smart about how they use the cash they have accumulated.

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5 Ways to Heat Up Your Savings originally appeared on usnews.com