The current rate environment hasn't been kind to borrowers. As the Federal Reserve increased its benchmark rate over the last year, the interest rates on everything from mortgages to personal loans, ...

Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

One safe way to grow your money is to open a new bank account that pays a high rate on savings. Another option is to purchase a certificate of deposit, commonly referred to as a CD. Before selecting a ...