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Traditional Savings Accounts

Putting money in a piggy bank

Depending on how much interest you want to get and how much access you want to your money, there are different accounts to serve you best. But your money in all the different accounts is safe, as it’s protected against loss by the government. Pick the account that works best for you to start saving today!

With a Basic Savings Account you won’t earn a lot of interest, but this is a very safe way to store your money close to home. The good news is that you can keep as much money as you want and take it out whenever you want.
  • Low interest rate
  • Easy access to your money through the local branch or using a debit card at ATM machines
  • Usually can open account with low balance and small deposits
  • Simplest way to save
Money Market Accounts give you a little more interest.
  • Usually higher interest rate than basic savings account
  • Easy access to your money (but you can only use a limited number of checks)
  • Minimum balance requirements (you have to keep a certain amount in your account)
Certificate of Deposit accounts (CDs) are savings accounts set up for a specific amount of time to earn interest at a faster rate than a regular savings account. You can only access your money after a certain amount of time. If you take your money out early, before the “maturity date,” you usually have to pay a penalty.
  • Usually higher interest rate than basic savings account
  • You choose the length of time to leave your money in the account (3 months, 6 months, 3 years, etc.)
  • Penalty if you withdraw money early (can’t write any checks from account)

 

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