Four types of savings accounts explained. Regular Savings vs High-Yield Savings vs Money Market vs Certificate of Deposit (CD)⎟4 Types of Savings Accounts (explained). Which savings account is right for you? Here’s a look at different types of savings accounts.
What is a basic or regular savings account? What is a high-yield savings account? What is a money market account? What is a certificate of deposit — and how do these savings accounts work? How to save money and live frugally with the right savings account.
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Regular savings account: (might have a few) Keep the rest of your money in savings and money for bills and living expenses in chequing.
High Yield Savings account: 0.3-1.5% interest, many are with online accounts, no debt card so its harder for you to spend and 2 days to transfer somethings. Some have minimum balance requirement.
Money Market Account: hybrid of chequing and savings and is slightly higher than high yield savings account but higher opening requirements like 1,000. Not best if you cant conteol yourself
CD/GIC: locked in, low risk, opening requirement sometimes, can make the same amount of interest of a money market account or high yield.
Fantastic information ❤
Thank You ❤💕💕😊
I will never do a certificate of deposit again.
I did it once and I regretted it. it did not make much money at all and then once once I cashed it in when the term was over I had to pay taxes on it . I ended up only with a net gain of $ 1 6.00.
I will say though, if you are a person that has an exuberant amount of money and you want to stack your CDs, I guess that’s the way to do it to make money and only if the rates are super high . Watch when is the good time vs bad time for the CDs.
What account should I open if I’m thinking about retiring early? Like age 55 or so? (Currently 24)