Different Types Of Savings Accounts to Store Funds

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Here’s the lowdown on the most common types of savings accounts and how to choose the best one for your needs.

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Traditional Savings Account

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Online Savings Account

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High-Yield Savings Account

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Money Market Account

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Certificate Of Deposit (CD)

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Different Types Of Savings Accounts to Store Funds

Here’s the lowdown on the most common types of savings accounts and how to choose the best one for your needs.

Traditional Savings Account

A common place to save money is in a regular savings account that you can open at a bank or credit union.

Online Savings Account

If you’re comfortable doing your banking online or from your mobile device, an online savings account can be worth considering.

High-Yield Savings Account

This type of savings vehicle tends to come with higher interest rates than traditional savings accounts and often lower fees.

Money Market Account

With potentially higher interest rates & check-writing/debit access, these accounts can be a good choice for emergency funds if you’ve saved enough to meet the initial deposit.

Certificate Of Deposit (CD)

If you can leave your money untouched for a certain time period, try CDs. They offer higher returns than standard savings accounts. The longer term, the higher the yield.

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