The best place to keep your savings depends on your financial goals & risk tolerance.
It's good to have some of your savings in a safe, low-risk account, (high-yield savings account or CD), while keeping some in a more liquid account,(checking or money market), for easy access.
It's good to have some of your savings in a safe, low-risk account, (high-yield savings account or CD), while keeping some in a more liquid account,(checking or money market), for easy access.
It is also important to diversify your savings by holding a mix of different types of accounts and investments.
Here are a few options to consider:
Here are a few options to consider:
High-yield savings accounts:
These bank accounts offer higher interest rates than traditional savings accounts.
They often have no or low minimum balance requirements and are FDIC-insured up to $250,000, which means your money is backed by the government if the bank fails.
These bank accounts offer higher interest rates than traditional savings accounts.
They often have no or low minimum balance requirements and are FDIC-insured up to $250,000, which means your money is backed by the government if the bank fails.
High-yield savings accounts are a good option for keeping your savings safe while also earning a bit of interest.
Certificates of deposit (CDs):
Certificates of deposit (CDs):
Certificates of deposit (CDs):
CDs are deposits that you make with a bank or credit union for a specific period of time, usually ranging from a few months to a few years.
In exchange, you receive a fixed interest rate.
CDs are deposits that you make with a bank or credit union for a specific period of time, usually ranging from a few months to a few years.
In exchange, you receive a fixed interest rate.
CDs are FDIC-insured up to $250,000 and are generally considered to be a safe place to keep your savings.
However, they are not as liquid as other accounts, as you may have to pay a penalty to withdraw your money before the end of the term.
Money market accounts:
However, they are not as liquid as other accounts, as you may have to pay a penalty to withdraw your money before the end of the term.
Money market accounts:
Money market accounts:
Money market accounts are a type of savings account that offers a higher interest rate than traditional savings accounts and can be a good option for keeping your savings safe.
Money market accounts are a type of savings account that offers a higher interest rate than traditional savings accounts and can be a good option for keeping your savings safe.
They often have higher minimum balance requirements than other savings accounts, and they may also have limited check-writing capabilities. Money market accounts are FDIC-insured up to $250,000.
Treasury bills:
Treasury bills:
Treasury bills:
Treasury bills are short-term debt securities issued by the U.S. government.
They are considered to be a safe investment, as they are backed by the U.S. government.
However, they do not offer a high rate of return, as they are meant to be a low-risk investment.
Treasury bills are short-term debt securities issued by the U.S. government.
They are considered to be a safe investment, as they are backed by the U.S. government.
However, they do not offer a high rate of return, as they are meant to be a low-risk investment.
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