Here are 4 types of savings accounts that you can put your money into. It’s important to understand the benefits and difference between standard Checking/Savings, Money Market, Certificate of Deposit, and Heigh Yield Savings
We talked about the importance of putting money away for different savings buckets like Emergencies, Large Purchases, and Retirement – now let’s talk about the different accounts that you can put your money into for savings.
4 TYPES OF SAVINGS ACCOUNTS
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SAVINGS TIP: Make sure your deposits are in a savings account are FDIC (Federal Deposit Insurance Corporation) protected. This protection provides up to $250,000 of insurance across all of a depositor’s accounts at banking institutions.
Which type of savings account is right for you? It depends on the situation and what type of return you are looking to get from the account. Do your research, compare rates, and start putting money away for future goals!
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Next week we will be discussing Retirement!
What types of savings accounts are you currently using? Let me know in a comment below!