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Saving Accounts, Money Market Accounts and Certificates of Deposit (CDs)



There are a few different savings vehicles available, altering your account balance, interest rate and investment horizon will help you find the right fit.

Savings accounts are designed for saving money on a regular basis, or for leaving lump sums of money that you may not need for some time. Savings accounts will pay interest on the money you deposit, and the interest rate may be higher the longer you are prepared to leave your money with larger balances.

Another type of savings account, is a Money Market Account (MMA) which typically earns a high interest rate but requires a larger account balance. Typically checks can be written, subject to certain restrictions, and you'll earn a higher rate of interest in this type of account compared to a savings account.

Certificates of Deposit (CDs) are similar to savings accounts but they are set to a fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. Typically your interest rate is higher, the longer you are prepared to leave your money. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn together with the accrued interest.

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