Having a strong savings account, whether it’s for a planned purchase down the line or a rainy-day fund, is beneficial for your financial future. When it comes to finding the right savings option, there isn’t a one-size-fits-all solution.
With many financial products available, you need to weigh your needs and options. Do you want to be able to regularly access your money? Do you already have funds you can set aside? These are all things to consider when finding the best savings option for you. Review a few of the different accounts available below to see what sounds like the right fit for you.
If you want to access your funds:
Traditional Savings Accounts
If you’re just starting to save or would like to be able to use to your funds if needed, a savings account is the answer. Savings accounts are a safe, accessible way to earn with steady returns. Not all savings accounts are the same so it’s important to do your research to find the right fit for you. The national average savings account interest rate in 2017 is 0.06% - compare rates in your area to ensure you’re maximize your earnings.
Money Market Accounts (MMA)
If you have a higher balance you’d like to access from time to time, another safe option is a money market account. A money market account yields a higher return than that of a traditional savings account.
While some money market accounts make your funds available via ATM card or checks, it’s important to understand that for any savings (traditional or MMA) account, regulation D limits you to six (6) transfers from the account per month.
Learn more about Thrive Money Market with industry-leading rates.
If you’re interested in a traditional savings account or money market account, make sure the financial institution has a robust online and mobile banking platform with features to help you save more, including the ability to easily transfer funds in online banking or from your smartphone and to deposit checks via your mobile device.
You have funds to set aside:
If you have extra funds you won’t need to use in the near future, opening a certificate will jumpstart your earnings with a higher fixed-rate in exchange for locking in your money for a set term. With a variety of terms available, you can choose a timeframe aligning with your goals.
Whether you’re saving for something specific in the future or just want your savings to grow faster, opening a certificate ensures your money is safe and secure until the term ends.
Once you find the right type of account best fit for you, it’s time to shop around. Research different financial institutions and compare them side by side. Take your time to find a financial institution you can trust and one who keeps your best interest at the forefront of everything they do.