What Should I Do About My Savings? Here’s How to Choose the Right Option
Saving money is a deeply personal journey—and the right strategy depends on where you are and where you want to go. Whether you’re just starting out or you’re looking to grow existing savings with a better interest rate, there are smart, tailored options to help you reach your financial goals. At Midwest BankCentre, bankers like Ashley O’Neal are ready to guide you through the process. Here’s how to determine the best savings solution for your situation.
Key Takeaways:
Talk to a Banker About Your Goals
No matter where you are in your savings journey, a personalized consultation can help ensure your money is working as effectively as possible for your needs.
Just Getting Started? Go with a Regular Savings Account
Ideal for those new to saving or building a rainy day fund. It’s simple, accessible, and a great way to develop a consistent saving habit—especially if paired with automatic transfers from your paycheck.
Want to Earn More? Consider a Money Market Account
If you maintain a higher balance and want a better interest rate, this account offers both growth and flexibility—including check-writing capabilities for large purchases.
Don’t Need Immediate Access? Try a Certificate of Deposit (CD)
For those who can set aside funds for a set term, a CD offers a higher fixed interest rate with minimal risk. Perfect for saving toward long-term goals.