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Question for the Money Doctors

Question submitted on Jun 1, 2019.

Question

best online savings account

Answer

When choosing a savings account, you need to review your needs and goals.   There are different types of account you can use for savings.

Most banks and credit unions offer a regular savings account.  There may be some limits on how many withdrawals you can make.

The next type of account is a Money Market account.   They may pay a higher interest rate than a savings account.

Then there are CDs or Certificates of Deposit.   They are held for a certain amount of time and they pay a fixed amount of interest.

We cannot endorse any specific accounts.  You can do your research by looking at the websites of the banks and credit unions in your area.  You can check with www.bankrate.com for a list of various accounts offered by different banks.

If you have a brokerage account, you can open a money market account or buy CDs through the brokerage firm.


For additional information visit http://www.360financialliteracy.org/

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