Where To Stash Your Cash: The 6 Types Savings Accounts To Know About
Overview of the best savings accounts
|Type of Savings||Best For|
|Traditional savings accounts||Traditional banking|
|Money market accounts||Above-average interest rates with easy access to funds|
|High-yield savings account||High interest rates|
|Certificates of deposit||Competitive interest rates|
|Specialty savings accounts||Goal savings|
Traditional savings accounts
Money market accounts
High-yield savings account
Certificates of deposit
Specialty savings accounts
Summary of savings accounts
|Type of account||Interest rates||Minimum deposit||Balance requirement|
|Traditional savings accounts||Low||None||None|
|Money market accounts||Above average||High||High|
|High-yield savings account||High||Low to none||Low to none|
|Certificates of deposit||Varies||Possible||Penalty for withdraws|
|IRAs||Varies||None||None, but penalties for early withdraws|
|Specialty savings accounts||Varies||Varies||Varies|
What to consider with a savings account
The bottom line
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