Savings 101:

If you want to be a savvy saver, you'll need to do some quick homework first. There are a few different ways to stash your cash so we've put together a summary of each below to help you find the best savings option for you depending on your financial goals, timing and flexibility.

1)High-Yield Savings Account

A high-yield savings account is a type of bank account offered by traditional banks and online banks. These accounts typically offer a higher interest rate while still maintaining easy access to your funds. Compared to a traditional savings account, a high-yield savings account typically requires a larger opening deposit and can sometimes require an initial minimum deposit and/or minimum monthly balance.

Key Features:

• Interest Rate: Typically offers a better interest rate than a standard savings account to help you earn more.
• Flexibility: Easily access your funds through online/mobile banking and ATMs. Some banks also offer in-person account access so do your research if accessing funds through your local branch is important to you.
• No Fixed Term: No fixed term or maturity date so you can withdraw funds whenever you want.
• Insurance: Check your bank or credit union to ensure they have FDIC/NCUA insurance. 

2)Money Market Account (MMA)

Similar to a high-yield savings account, a money market account is another type of savings account offered by banks and credit unions. A money market account typically has a higher interest rate but limited monthly transactions so it can be harder to access your funds.

Key Features:

• Interest Rate: Interest rates tend to be slightly higher than standard savings accounts but the rates may be lower than those of high-yield savings accounts.
• Flexibility: Some money market accounts allow limited check-writing capabilities, but there might be restrictions on the number of checks you can write each month.
• Minimum Balance: Money market accounts may require a higher minimum balance to open and maintain the account compared to high-yield savings accounts.
• Insurance: Check your bank or credit union to ensure they have FDIC/NCUA insurance.

3)Certificate of Deposit

Also referred to as a CD, this type of high-yield savings account has a fixed interest rate for a specific period of time. So, you get higher interest in exchange for not touching your money for a certain length of time.

Key Features:

• Interest Rate: CDs generally offer higher interest rates than both high-yield savings and money market accounts due to the commitment to keep the money in the account for a fixed period.
• Flexibility: CDs have a fixed term, which can range from a few months to several years. During this period, you cannot withdraw the funds without paying an early withdrawal penalty. 
• Insurance:  Check your bank or credit union to ensure they have FDIC/NCUA insurance.