The Types Of Savings Accounts Options Out There

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.

Terrain Map

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

White Bag

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

Certificate Of  Deposit (CD)

In return for leaving your money untouched for that time period, CDs generally offer higher returns than standard savings accounts. Generally, the longer term, the higher the yield.

For More Posts Like This Visit The Female Professional