Once you’ve worked to save some money, it’s time to make that money work for you. First, you’ll want to identify the right kind of savings account, one that meets your needs and helps your money accrue interest. Financial recommendation engines like Fiona make the search easy by directly comparing all of your options for you.
There’s lots of options when it comes to saving money. Below we outline savings accounts, money market accounts, and cash management accounts.
Opening your first bank account used to be a rite of passage. It normally involved going to the local neighborhood branch to sign up for a standard checking account and, in most cases, an accompanying savings account. From there, you were on the path to financial independence as a young adult.
Saving money, in some capacity, is important for a number of reasons. The average American, however, is saving just 7.9% of their disposable income, according to Statistica. It’s now being recommended by financial experts to save at least 15% of your earnings, whether it’s going towards an emergency savings account or a retirement fund.