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Traditional Savings Accounts

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Depending on how the interest rate you’d like to get and how much access you want to your money, there are different accounts to serve you best. Your money in each of these accounts is safe, since it’s protected by the government. Pick the account that works best for you to start saving today!


Basic Savings Account
Althoughyou won’t earn a lot of interest, this type of account is a simple and safe way to store your money. The good news is that you can save as much money as you want and take it out whenever you need it. Here are some other benefits of a basic savings account:
  • Has low interest rates
  • Offers easy access to your money through the local branch or using a debit card at ATM machines
  • Can usually be opened with a low balance and small deposits
Money Market Account
This type of account gives you a little more money back in interest.  Other characteristics of a money market account includes:
  • Usually has a higher interest rate than basic savings account
  • Offers easy access to your money (but you can only use a limited number of checks)
  • Has minimum balance requirements (you have to keep a certain amount in your account)
Certificate of Deposit accounts (CDs)
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. Here’s what else you need to know about CDs:
  • Usually has a higher interest rate than basic savings account
  • Allows you to choose the length of time to leave your money in the account (3 months, 6 months, 3 years, etc.)
  • Has a penalty if you withdraw money early (can’t write any checks from account)
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