Do you want to park your savings money or emergency fund for short term, consider the following saving options to gain the most financial benefits,
High-Yield savings rates with Easy Money access
1. Online Savings accounts :-
Online Savings Accounts offer higher interest rates to their customers because bank that operates entirely online has lower overhead costs of operations compared to Traditional accounts. Checkout List of Online Savings Accounts For High Interest rates. You can access the money in few days if you have linked your online savings account to your local bank. Online Savings accounts are insured by the FDIC.
Money-market deposit accounts usually pay higher interest rates than checking accounts, easy accessable, and guarenties FDIC security for your savings.
3.Interest-Earning Checking Accounts :-
Interest-Earning checking accounts don’t pay as much interest as Online Savings accounts, CD or Money-Market Accounts, but it will help you to earn interest and available quickly. Guaranties FDIC security for your savings.
High-Yield savings rates (with Locked money)
1. Certificates of deposit (CDs) :-
Some times CD certificate only requires a $500 minimum deposit to open. You can choose any term from 3 months to 60 months. The longer the investment, the better the interest rate, but ties up your money for particular amount of time. You have to pay penalties if you want to withdraw early. CDs are insured by the FDIC.