Watch this: These Are the Safest Places to Keep Your Money Right Now 03:56 Putting your cash in the right places can help you maximize your returns and preserve your savings. zenstock/Getty Images/CNET It's been a brutal year for anyone following the economic headlines. Tariffs are on, then off, then on again. Prices are high either way. Layoffs are picking up. Oh, and a recession may still be around the corner. The macroeconomic situation is out of your control, but there are steps you can take to put yourself in a better financial standing if the worst comes to pass. First and foremost is putting your money in the right place. From your everyday spending cash to your long-term savings, here are the best accounts to keep your cash safe during a recession. Read more: A Recession Could Be Hiding in Plain Sight. Here’s the Best Advice to Prepare 💵 Where to keep your spending money in a recession Rewards checking account Even if your paycheck is directly deposited into your checking account, you shouldn't keep all your money there. Your checking account funds should cover everyday spending and bills, plus a cushion for other expenses. The rest of your cash should be in an account that earns a high interest rate so it can grow. Plus, when you keep money earmarked for savings in a separate account, you're not tempted to dip into it. You can still get returns with the right checking account. Some top high-yield checking accounts offer APYs up to 3.30%, far better than the near 0% you'll get with a typical checking account. Why not earn some interest on your spending money if you can? With prices high across the board, every little bit helps. 🚨 Where to keep your emergency fund in a recession High-yield savings account An emergency fund is a must-have at any time but especially when the economy is shaky. Whether you're hit with a layoff or a sudden medical bill, your emergency fund can help you avoid going into debt to cover your expenses. The best place to keep an emergency fund is in a high-yield savings account where your money is easily accessible when you need it. Unlike traditional savings accounts, top HYSAs earn annual percentage yields more than 10 times the national average, with some topping 4% APY. With a higher yield, you'll benefit from compounding interest. That's when you're not just earning interest on your initial deposit but accumulating interest on top of the interest you already earned. Your money grows faster, giving you a bigger balance to draw from when the time comes. ⏲️ Where to keep savings for short-term goals in a recession Certificate of deposit If you're saving for a goal in the near future -- like buying a car or paying for home repairs -- a certificate of deposit is a smart option. Unlike savings accounts, which have variable rates, CDs offer a fixed rate that's locked in when you open the account. That means your earnings will never drop and your returns are guaranteed, regardless of what's happening in the economy. You must keep your money in the CD for the full term to avoid early withdrawal penalties. But with terms ranging from a few months to several years, it's easy to find a CD that fits your timeline. In fact, the early withdrawal fee can discourage you from tapping into your funds before you really need them. 🗓️ Where to keep savings for long-term goals in a recession It depends The best place for long-term savings goals depends on the goal. Retirement savings are best in tax-advantaged retirement accounts (more on that below) but you have plenty of options for other goals. For example, if you're saving for your child's college fund, consider a 529 plan. These state-sponsored savings plans allow relatives and other individuals to put aside money for a child's education and come with tax benefits like tax-free withdrawals if the money is used for educational expenses. You could also consider a low-risk government-backed investment like an I bond, which can preserve your purchasing power in the face of inflation. If you're saving for a down payment on a house, consider the pros and cons of accounts like homebuyer savings accounts, high-yield savings accounts and CDs. 🧑‍🦳 Where to keep your retirement savings in a recession Tax-advantaged retirement funds Retirement accounts like 401(k)s and IRAs are designed to help you maximize your tax advantages. Depending on the account you choose, you'll either pay taxes now or when you withdraw the funds, allowing you to account for a potentially lower income in retirement. If your employer offers contribution matching on a retirement savings plan, it's essentially free money to boost your nest egg. While brief stock market swings can cause panic, investing is still critical for long-term financial stability. The S&P 500 has historically delivered an annual return of about 10% for investors who stick it out over decades. Instead of trying to beat the market, focus more on your ideal investing strategy. A robo-advisor can help. If you're nearing retirement age, you may want to rebalance and diversify your portfolio so more of your retirement fund is in low-risk assets like CDs or bonds.