The U.S. may default on its debt. Here's where to put your money now.

A June 1 deadline is looming for the United States. By that date, the country may run out of money to pay its bills. If an agreement to raise the debt ceiling is reached before then, business may be able to proceed as normal. Getting to that point, however, has been an arduous one as discussions between lawmakers have gone back and forth.

"[W]e still estimate that Treasury will likely no longer be able to satisfy all of the government's obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1," Treasury Secretary Janet Yellen recently wrote.

Amid this economic uncertainty - coupled with existing concerns over high interest rates and a potential recession later in the year - many Americans may be looking closer at their investments. Where should they be keeping their money? And where should they consider moving it now?

Start by exploring high-yield savings accounts here to see how much more you could be earning.

Where to put your money in today's economy

Here are two smart (and secure)  places to put your money now.

A high-yield savings account

While higher interest rates aren't great news for certain sectors of the economy, they can provide a welcome boost for select deposit vehicles. High-yield savings accounts are one of those vehicles. Rates on high-yield savings accounts have increased exponentially in recent months, making them a great way to boost your savings without having to worry about the volatility of the larger economy.

Interest rates on regular savings accounts are around 0.40%, according to the FDIC. But rates on high-yield savings accounts are many times higher, with a multitude of options available in the 4% to 5% range. How much does that equate to over a year?

Using a $5,000 deposit as an example, savers with a regular savings account could expect to see that grow to only $5,020 after a full year. But those who deposit the same amount into a high-yield account will have a bottom line of $5,200 over the same period. And that's just at the 4% rate. Chances are good that you can get an account with an even higher return, particularly if you opt for an online bank.

Just note that interest rates on high-yield savings accounts are variable, so the rate you get when opening it may not be the rate you keep over the long term. Still, unlike other investments, your account won't suffer from turmoil in the larger economy. With debt talks still tumultuous, preserving as much of your money as possible makes sense. High-yield savings accounts provide that opportunity.

Check account rates and options here now and start earning more interest.

A certificate of deposit (CD)

CDs, like high-yield savings accounts, are also currently available at substantially higher interest rates than in recent years. Accordingly, they're also a great way to protect and grow your money. Rates on these accounts are in the 4% to 5% range, and many come with little or no penalties. Simply deposit your money for a select term and watch it grow from there.

CDs, however, are for specific terms only. After that term has expired, you'll need to renew it (likely at a different rate than when you opened it) or withdraw your money and put it elsewhere. CD rates are locked in, giving you an extra measure of protection in today's climate. To get the full interest, however, you'll need to keep your money in the account for the whole term.

If you're comfortable doing that, opening a CD now makes sense for you, particularly considering you'll be locked into a high interest rate no matter what happens in the rate environment over the short term. However, if you want to access your money frequently, a high-yield account may be the better alternative.

Explore your CD interest rate options here now to learn more.

The bottom line

With a debt default potentially coming within days, it may make sense to shore up your finances now to prepare for the worst-case scenario.

While you should always have a diversified portfolio complete with stocks, bonds and maybe even gold, it can't hurt to protect your traditional savings by moving a portion of it into a high-yield account or CD. These accounts will safeguard your money and grow it at a rate you simply won't get by keeping it in a regular account. 

Learn more about your high-yield and CD options to see which one suits you best.