(WHTM)- — Every day we hear about interest rate hikes for mortgages, home equity loans, car loans, you name it.

But, what about your bank account? Why are banks still paying us rock-bottom rates for our money?

Robert McCay– like so many people– is working harder and spending less these days. McCay knows interest rates are jow much higher if he wants to buy a new chainsaw or ATV to work around his small farm.

While mortgage rates are soaring to 7%, and car loans to 5%, he’s still earning just pennies in interest on his life savings.

“I was making three dollars a month,” McCay said.

According to the FDIC, the average saving account still pays 0.21%, which is less than half of 1%.

But, you don’t have to accept that. Some online banks are paying 2-3% now on savings, according to bankrate.com. Among them are Credit Karma, Capitol One, and Lending Club.

If you are willing to lock your money up for a year, Bankrate says some online banks have CDs paying 3.5%. The government’s I-bonds, which follow the inflation rates, are now up to 9%. The best nearly risk and free investment you can get.

You’ll find those at the website treasurydirect.gov.

But you have to do some legwork, as Robert McCay found out. Because, if your money is just sitting in your bank account, don’t expect any big rate hike soon.

Bottom line: If you making less than 1%, call your bank or look into government offerings, this way you don’t waste your money.