Have You Started Saving Money? Here Is Where You Should Put It

Are you at the point in life where you have realized the importance of saving money? If the answer is yes, you have come to the right place because this article will guide you about where you should put your saved money so that you can increase your wealth over the years. The amount that you will accumulate over the years can be used for the following things:

  • Car
  • College savings for our kids
  • House
  • Retirement
  • Vacations

Here are a few options that you might like:

Savings Accounts and Money Market Accounts

A lot of checking accounts out there can help you in earning a handsome amount of money. Savings account actually has a great return. You should know that the interest rates come with a few consequences and one of them is that you can only draw money once in six months, as per the law. The accessibility is medium, the opportunity for return is low, and there are no risks involved.


Do not mistake them for compact disks, because these are somewhat similar to savings accounts. The only difference is that unlike a savings account, you can keep your money for only a specific amount of time in a certificate of deposit or CD. The amount can range from a few months up to 5 years. Since you will not be taking the money until it has matured, your interest rate will be higher than a savings account. If you draw the amount before the given time, you will have to face penalties. The accessibility is medium, the opportunity for return is low, and there are no risks involved.

Retirement Fund

If you plan to save up for retirement, you won’t be able to see that money for a very long time. All you have to do is convince yourself that you won’t have access to the money for a very long time. The best part is that you will get a great return, which is what actually matters.  The accessibility is low, the opportunity for return is high, and there are no risks involved.

High-Yield Bank Accounts

This is a type of saving account but since it has FDIC protection, it has a higher interest rate than your usual savings account. A large amount of money is required to make the initial deposit and your access to the account will be limited.

Money Market Funds

This is a mutual fund that only invests in low risk securities and has short term interest rates.

Treasury Bills and Notes

Notes, also referred to as treasuries, are a person’s trust on the government. They are exempted from local taxes and hit maturity at different lengths.  The maturity of treasury notes can range from two to 10 years.


This is another type of low risk investment that is issued by companies and even government to fund projects. In exchange of your money, the bond issuer gives you interest for the life of the bond. The degree of risk varies according to the bond.