How to make money with cash in the bank

Making money by saving money at a bank or credit union is ridiculously tough when consumers are battling super-low rates on savings and sky-high banking fees.

All you can do is shop for higher, promotional savings and CD rates — and keep an eye on tricky practices and fees. Here are some suggestions:

■ Try to avoid rising overdraft fees: If you’re regularly pulling out a debit card, pay attention here as it can be amazingly easy to get smacked with a string of high overdraft fees.

And we’re not expecting any regulatory relief ahead.

Early in May, the Consumer Financial Protection Bureau essentially kicked aside plans to overhaul rules relating to overdraft fees.

Acting Consumer Financial Protection Bureau Director Mick Mulvaney is moving in a different direction than his predecessor Richard Cordray, now the Democratic candidate for governor in Ohio.

Banks had fought for years against any further crackdown on overdraft rules. For now, they’ve won with the latest delay out of the CFPB.

“They’ve sent a pretty clear signal that this isn’t a priority for them,” said Debbie Goldstein, executive vice president at the Center for Responsible Lending.

■ Use rising interest rates to your advantage: The next Federal Reserve policy meeting is scheduled for Tuesday and Wednesday. Many economists expect another quarter-point hike then, too.

We’re starting to see some banks advertise rates at 2.75 percent and higher for 5-year CDs; and promotional rates of 2.35 percent were available in May for one-year certificates of deposit.

“Rates are rising and investors are warming to cash in an environment where stock market volatility has picked up,” said Greg McBride, chief financial analyst for Bankrate. com. “So expect to see continued increases in CD yields and more promotional offers.”

Consumers should compare offers at online banks, community banks and credit unions, too, along with larger banks.

“Not every bank is boosting yields, and the biggest banks are typically paying the lowest returns,” McBride said.

The average yield on a one-year CD is 0.59 percent, according to Bankrate.com. That compared with 0.43 percent at the beginning of the year and 0.35 percent a year ago.

The average on a five-year CD is 1.23 percent now, according to Bankrate.com. That compares with 1.01 percent at beginning of the year and 0.91 percent a year ago.

McBride noted that top-yielding, online savings accounts are offering rates of nearly 2 percent and may be a good option for emergency funds.

■ Look for free checking at a credit union: Your best bet for snagging a checking account that doesn’t rack up one monthly service fee after another is likely a credit union, according to a survey by Bankrate.com.

About 82 percent of the largest credit unions nationwide offer free checking accounts to all members — a stark contrast to only 38 percent of banks, according to the survey.

A free checking account can be defined as an account that has no fees regardless of your balance.

Saving money by ditching a regular monthly charge you can easily avoid makes sense for everyone, of course.