Paying off a mortgage is one of the most important financial milestones you’ll make. Thankfully, Yahoo Finance reports that mortgage rates are at an all-time low, which should make planning a lot easier on your part. Taking advantage of low mortgage rates also allows you to diversify your finances and still continue to build up your savings.

On that note, investments are a great way to boost your finances — and they’re totally achievable even when you’re in the middle of paying off your mortgage. Keep reading below for a few easy investments you can make at this time to ensure that you have extra money in the bank.

High-yield savings accounts

Chances are you have some sort of savings account already in place, so it’s worth taking it a step further and looking for high-yield savings accounts. They’re technically not investments, but these types of savings accounts do end up giving you higher returns on interest rates. Even a return of 1% is way greater than the 0.06% return rate you’d find in traditional savings accounts, and this money will build up over time. There’s also no risk in investing your money in a high-yield savings account, which is a plus for those who consider themselves financially risk-averse.

Certificate of deposit

A certificate of deposit (CD) works as a kind of agreement between you and your bank: you deposit a lump sum of money that you won’t touch for a specific amount of time, and in exchange your bank will provide high interest rates for this investment. CD rates may vary based on the term of your investment — in general, the longer you invest, the higher your rate. This is because banks can use your money to give out other loans and provide other financial services, which means they’re willing to pay premium interest rates in return. If it’s feasible for you, consider a five-year term to really reap the rewards.

Preferred stock

As with CDs, preferred stocks end up yielding higher returns if you hold them to maturity — but they aren’t locked for a specific period of time. This makes them a good option for people who are looking for a steady income stream. Furthermore, the benefit of preferred stocks is that they pay dividends at regular intervals; on the other hand, common stocks only pay out dividends depending on the company’s profitability. For those who are willing to monitor their stocks and work alongside the market, investing in convertible preferred stocks allows you to switch these out for common stock in case the price of the latter rises.

Company retirement plans

It’s never too early to start investing for retirement. Working towards your retirement while also paying off your mortgage might seem like a lot, but taking these steps early on ensures that you’ll be able to enjoy your golden years in peace. If your employer has a 401(k) set up, consider making regular contributions to it. Even contributions as small as $5 or $10 add up, and some employers even offer a matching program to help boost your retirement funds.

Our previous guide to paying your mortgage off early outlines a couple of tips and tricks that can help you reach this financial goal with ease. These tips also give you a little more breathing room to consider other investments you can make, which will ultimately diversify your finances and generate more sources of income for you to help pay off your mortgage earlier.

Jonah Waters is a blogger with a background in finance. After spending years in financial consultancy, she decided to pursue her hobby of writing in the form of a blog. When she isn’t at her laptop, you can find her pursuing her full-time job as a mom in her home in Arizona.