Today’s high interest rate environment has led to rising borrowing costs for consumers, but there is a silver lining for savers: Their idle cash can generate plenty of income – if they can find the right savings products. The Federal Reserve’s key interest rate is sitting at a target range of 5.25% to 5.5%, its highest level in more than 22 years . The central bank’s benchmark rate has an impact on an array of consumer products – including the annual percentage rate assessed on credit card debt and the annual percentage yields banks pay on savings. Nowadays, a high-yield savings account or a certificate of deposit can offer an APY that tops 5%, far more than the national average yield of 0.63%, according to Bankrate.com . For many, that makes higher yielding savings accounts a source of passive income in an elevated interest rate environment, but one that few people appear to be taking advantage of, according to a recent study from Santander U.S. called “Paths to Prosperity.” The firm found that about six out of 10 middle-income Americans are leaving their money in lower-yielding accounts, even as interest rates have risen. To be sure, that’s a slight improvement from the seven out of 10 doing the same in the second quarter of last year. Much of that suggests a lack of education, according to Santander U.S. CEO Tim Wennes, such as the impact higher interest rates can have on savings, or the types of savings products available to consumers. Additionally, the firm found that four in five Americans expect opening a new bank account is a time-consuming burden. “There’s a general lack of awareness of the interest that people are earning,” Wennes said. “Or, there’s a perception that the switching costs, or the friction, related to making a change is more work than the benefit of getting higher rates.” “And I think both of those are false assumptions,” he said. The CEO advised investors lock in higher interest rates anywhere from six months to 12 months before rates start to decline, a likelihood many investors are expecting can happen as soon as September. While the interest in a high-yield savings account can go up or down based on the Federal Reserve’s benchmark rate, the interest on a certificate of deposit can be fixed for a set period of time, meaning no fluctuations in returns for the duration of the term. At Bread Financial , the yield on a 1-year CD stands at 5.15% as of Friday. Meanwhile, LendingClub offers a 1-year CD at a 4.4% APY, while its high-yield savings account offers a 5% APY. — CNBC’s Darla Mercado contributed to this report.