Leah Kelvin
Active member
When saving money, there are many options that one has to choose from depending on what they want to achieve financially, their risk tolerance and time horizon. Here are some of the common places where people can save money:
1. Savings Accounts: Traditional savings accounts provided by banks and credit unions are a safe short-term savings option. These accounts mostly offer low to moderate interest rates and ensure your safety as well.
2. High-Yield Savings Accounts: These accounts also known as online savings accounts provide higher interest rates than traditional savings accounts. Such an account is typically available at an internet bank which may help you accumulate wealth quicker.
3. Certificates of Deposit (CDs): CDs refer to the placement of cash in a deposit wherein it must be in the account for a determined period before withdrawal is allowed; this could range from several months or years. Such accounts usually have higher interest rate compared with normal saving account but provides limited access to funds until maturity date.
4. Money Market Accounts: They are similar to savings accounts though sometimes offering more attractive interest rates than these ones do. Unlike ordinary savings, they may need more initial deposit and may provide fewer checks writing opportunities.
1. Savings Accounts: Traditional savings accounts provided by banks and credit unions are a safe short-term savings option. These accounts mostly offer low to moderate interest rates and ensure your safety as well.
2. High-Yield Savings Accounts: These accounts also known as online savings accounts provide higher interest rates than traditional savings accounts. Such an account is typically available at an internet bank which may help you accumulate wealth quicker.
3. Certificates of Deposit (CDs): CDs refer to the placement of cash in a deposit wherein it must be in the account for a determined period before withdrawal is allowed; this could range from several months or years. Such accounts usually have higher interest rate compared with normal saving account but provides limited access to funds until maturity date.
4. Money Market Accounts: They are similar to savings accounts though sometimes offering more attractive interest rates than these ones do. Unlike ordinary savings, they may need more initial deposit and may provide fewer checks writing opportunities.
