The Fed's interest rate hike means your high-yield savings and money market accounts could see a boost

The Federal Reserve's recent interest rate hike means higher borrowing costs for consumers carrying credit card balances or taking out loans. But experts say there is a silver lining for savers.

Kate Ashford, lead wealth writer at NerdWallet, says people with money in high-yield savings accounts, CDs and money market accounts could soon see better returns as banks raise rates.

"If you are saving or you have savings, there's a real opportunity to make more money on that now," Ashford said. 

Financial experts say many consumers are still keeping their emergency funds and savings in traditional bank accounts that pay very little interest. Meanwhile, many high-yield savings accounts are offering rates several times higher.

Ashford said consumers who leave money in low-interest accounts risk losing purchasing power over time because inflation continues to erode the value of their cash.

"If your money is sitting in a traditional savings account ... you are losing money over time as that money sits there," she said.

Experts recommend looking for a high-yield savings account that is FDIC- or NCUA-insured, charges no monthly fees and offers a competitive annual percentage yield.

You can tap here to shop for the top high-yield savings accounts online today.

One important caveat: Consumers carrying high-interest credit card debt should generally focus on paying that down first. But for those building an emergency fund or saving for a short-term goal, experts say now may be a good time to shop around for a higher-paying savings account.