With an unpredictable stock market, savers are looking for safe havens for their money. The issue of maintaining an account balance is particularly important to retirees, but as the Fed has cut the interest rate, yields on checking accounts, savings accounts, money markets, and certificates of deposit have suffered.

Banks are now using "guaranteed yields" to lure in customers, but even those aren't all that good with a few unusual exceptions. These "teaser rates" are usually only for a limited time, typically a year or less. Who knew that banks would offer a savings account rate of 3.5% and consider it a really good deal? A tiny number of banks are offering rates in the neighborhood of 4% or 5%, but those are typically very short term.

The special deals come with conditions. Often they require a minimum amount to be on deposit with the bank, or there is a maximum that a customer is able to deposit in one of the ultra-high interest accounts. If you use a product like a CD, your money is somewhat tied up for a while.

We've all heard the stories of credit card companies suddenly deciding to raise your interest rate. If you've made a late payment or gone over your limit, the credit card agreement allows them to immediately raise your rate. And there are other lesser-known reasons for raising your interest rate. Now it's become more common for credit card companies to have a clause in your agreement that allows them to raise your interest rate if your credit score decreases or if you have a late payment to a different credit card company.

One WalletPop reader wrote to me with this note about her increased interest rate:

I am writing because the Bank of America, where I have 5 or 6 different accounts, all in good standing, called me to tell me that my small business credit card finance rate was going to be increased to 23.99%. Not because I was ever late on a payment. Not because I went over my limit. Not even because I wasn't paying the minimum payment (I always pay more than the minimum payment). Nope. It was because I wasn't paying my balance down "fast enough".

As the Federal Reserve continues to cut interest rates, those who are traditional savers are suffering. Decent interest rates on savings accounts are going away fast. And the interest on money markets is dwindling too. Between money markets and savings accounts, you're lucky if you're getting 2.5% to 3.5% interest. After inflation, you could very well be looking at a negative return on your money.

But there are still some higher rate savings options out there, and they don't carry the risk of stocks or bonds with them. Community banks and credit unions are attracting customers with higher interest rates, some over 6%. The accounts are called reward checking accounts or maximum earnings accounts, and they're safe, normal bank accounts that generally have no monthly fees.

There's a little catch, however. In order to receive these higher interest rates, bank customers must jump through hoops. The banks and credit unions are requiring account holders to use online banking, bill pay services, direct deposit of paychecks, or a certain number of debit card purchases in order to qualify each month for the higher rate. Many of these activities bring the banks revenue, hence the reason for "encouraging" you to use those services.

If you use these services, don't be afraid to open an account at a bank offering the higher yield accounts. The deposits are federally insured, just as any other checking or savings account would be at a bank. And you might as well earn a little better rate on your money if the extra services aren't an inconvenience to you.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

This is part of our series on strategies you can adopt to free yourself from burdensome debt.

There is no doubt that the hardest part about getting out of debt is finding the extra cash to do it with. Most of our posts here on WalletPop deal with different shades of that perplexing question -- how to generate extra income, spend less money, find the cheapest credit cards -- all towards the goal of reducing your punishing levels of debt.

But there is another, not quite so hard question about getting out of debt that we've only scratched the surface of so far on WalletPop. That is, once you've unlocked that extra cash and are in a position to start actually getting out of debt, what is the best way to pay it off?

Simple answer: That depends on your goals. In this series we list common reasons people want to reduce their debt load and the best strategy for that goal.

The two main techniques for spending down debt, our blogger Lita Epstein has come up with are the 'Snowball Effect' and the 'Round Robin.' The snowball effect is best for people who are getting eaten alive by high interest charges on their credit card balances. The plan there is to simply pay off your high interest credit cards first.

Most credit cards with variable rates have their rates tied to the prime interest rate. That rate has been going down, but consumers are still seeing their credit card interest rates rising. How can that be?

For consumers with good credit, their credit card rates will usually fall as the prime interest rate falls. But those consumers whose credit is suffering will not see the same benefit. Particularly if they are behind on their debts or doing other things that negatively impact their credit scores, they will likely see an increase in credit card rates.

So if you've got a credit score of 700 or above, expect to see your interest rates on your credit cards go down. If your score is lower or you've been experiencing debt troubles, watch your rates carefully. They're likely to be on the rise, which could put you even deeper into trouble. You typically have the right to refuse the rate increase, but you'll have to pay off the account and close it. Play the credit card game wisely.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Federal Reserve Chairman Ben Bernanke has suggested he's entertaining the thought of more interest rate cuts. He says that cuts are possible this year to help the housing downturn and problems in the credit market.

What does that mean for you? Well "interest rate cuts" don't directly affect consumers. When the Federal Reserve talks about a cut, they're talking about the rate at which banks lend money to one another overnight. All day long the banks are cashing checks and taking in deposits, and at the end of the day they have to settle up between themselves. At night, some banks are short on cash and some have extra. The Federal Reserve determines the rate at which they will loan money to each other overnight. That's what rate we're talking about.

But even though the "interest rate cut" doesn't affect consumers directly, it affects them indirectly.... and you can benefit! You will typically see consumer lending rates go down when "the rate" goes down. Most likely, those of you with a home equity line with a variable interest rate will see a drop in your rate. Those who are looking to refinance debt may likely see lower rates from banks and mortgage brokers. So if you're a borrower, you should be happy to see that your rates could go down a bit this year.

Now if you're a saver, a drop in the interest rate actually hurts you, because the rates on your savings account and money market will probably go down. Sorry. There are always winners and losers in the consumer finance game. Don't let it stop you from saving though. You may need those funds for a rainy day.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

We've talked a lot at WalletPop about the exorbitant fees charged by credit cards, and the restrictive and confusing agreements that come with your credit cards. Well it seems that the credit card companies are taking it even further by becoming more aggressive with interest rate hikes.

More people defaulting on their accounts means the banks have to make up that money somehow, and they've decided to do it with higher penalty interest rates. A penalty interest rate is generally charged when you are in some sort of default under your credit card agreement, most often by paying late.

Credit card companies are hiking rates as high as 30%, even if you only pay one day late. Consumer advocates say this is unfair and should be illegal. Others say that people should either carefully follow the terms of their credit card agreements (pay on time) or face the consequences.