Saving basically means saving money or using your current income for the future. You save for a variety of reasons, such as for a college education, to buy a new car, to buy a new TV in three to four months, to pay for your home, or to save for retirement. There are as many ways to save as there are reasons to save. In most cases, the best approach can be determined by your plans for the future.
1. Savings Account. If you are only saving for the short term or for emergencies, you should consider opening a savings account as this will give you easy access to your funds.
Great for long and short term savings, you can deposit and withdraw money from your account and earn interest based on your average daily balance. However, a minimum balance must be met, and if you fail to do so, you will be fined.
2. Current account with interest. Here you can benefit from the convenience of a checking account while earning interest on your deposits. Typically, these types of accounts grant privileges such as unlimited withdrawal and writing of checks, access to ATMs, and bill payments that can be done online.
This method typically requires a balance of at least $2,000 per day.
3. Insured money market accounts. For long-term goals, this approach is ideal because it often offers significantly higher interest rates than regular or standard savings accounts.
The interest rate usually depends on the amount in your bank account; a larger balance means a higher interest rate.
4. “CD” or Certificate of Deposit. This is a savings method that requires you to “lent” money to your financial institution for a period of time, usually anywhere from thirty days to five years. The same applies here: the longer the time, the greater the interest.
Remember that insurance companies usually offer better interest deals than banks. So, compare interest rates before investing!
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