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Setting yourself up for financial success is as easy as opening a savings account. The trick is being committed to placing a portion of your income in your account every payday. Securing a high-yield savings account is an effective way to prepare for emergencies and major life events, such as your first home or a new car. Compare and open a savings accounts today!
What is a Savings Account?
It’s a product that banks offer, in which you can safely store your money and in return the bank will typically pay you interest on the funds. A savings account sets up a record attached to your identity, which tracks funds that you give the bank to hold and also any instances when you take money out of those funds.
A checking account is one of the most essential bank accounts for managing your finances. It's the banking product that we use for daily transactions and to keep our personal finances in good running order. The best checking accounts reward account holders with value-added options and free, no-fee access to their finances. Many of today's checking accounts offer a great deal of flexibility and freedom.
What is a Certificate of Deposit (CD)?
Certificates of deposit are investment accounts with rates that are higher than typical savings account rates. CDs are often tied to guaranteed rates, depending on the terms. Certificate terms vary per institution, but typically last from just a few months up to 10 years — with longer terms generally offering higher yields.
Why Invest In Certificates of Deposit (CD)?
A certificate of deposit (CD) is a low-risk investment. You can use CDs to boost savings, set money aside for your child’s education or to save up for a down payment on a home. CD terms are flexible, allowing you to use CDs in short- and long-term savings plans. CD rates fluctuate, however, meaning you can make more money on your deposit by opening a CD when rates are higher.