Compare Bank Savings Products
What’s the right bank savings product for you? Deciding where to put your money is a big decision. Here are some basic facts to help you make the right choice.
Online Savings Accounts
If you’re looking to earn a higher rate than a conventional bank savings account, but still want easy electronic access to your money, this may be the account for you:
- Offers a higher yield than most traditional savings accounts or money market savings accounts.
- Includes easy online access to your funds through electronic funds transfer.
- Offers up to six withdrawal transactions per statement cycle.
- May require a minimum deposit.
- Usually no monthly service fees.
- FDIC-insured up to $250,000 per depositor.
Money Market Savings Accounts
Want high yields, easy access to your funds, plus the flexibility of checks and a check card? Then this account could be right:
- Offers a higher yield than most traditional savings accounts.
- Access your money easily through electronic funds transfer, checks and a debit card.
- May require a small deposit.
- There may be little or no monthly service fees.
- FDIC-insured up to $250,000 per depositor.
Please note that a money market savings account issued by a FDIC-insured bank is NOT the same as a money market mutual fund account issued by an investment company. Money market mutual funds are NOT FDIC-insured and may lose money.
Certificates of Deposits (CDs)
If you can afford to lock your money away for anywhere from three months to five years, you’ll earn even higher interest rates than a Money Market Account:
Offers a higher yield on deposit than a savings, checking or Money Market account.
- The longer the term, the higher the yield.
- The CD’s fixed rate makes it immune to market fluctuations.
- May require a minimum deposit.
- Money is not accessible (without a penalty) until the term has expired.
- FDIC–insured up to $250,000 per depositor.
For the latest and highest rates on Savings Accounts, Money Markets and CDs, click here or call us (810) 714-9021 for a no-obligation, complimentary consulation.
