If you’re a saver or have an occasion to save for, it’s important to know your options.  Here are a few ideas of where to keep your savings:

• Savings accounts keep your money safe and readily available.  The most common type is a statement account that reports transactions to you monthly or quarterly.  Credit union share savings accounts pay interest that is comparable to, or better than, the interest paid on saving accounts elsewhere. 
• Money Market Accounts are a type of insured saving account.  There’s no requirement for how long you have to keep your money on deposit.  These accounts generally pay higher interest than regular savings accounts because they typically require a minimum balance of $1,000 or more. 
• Certificates (called Share Certificates or Certificates of Deposit at credit unions) generally pay higher interest rates than savings or money market accounts because you agree to leave your deposit for a certain amount of time.  Certificate terms generally range from several months to five years.  The longer the term, the higher the interest rate.  Certifciates and savings accounts are generally good options for goals you want to accomplish within a year.  Both types of accounts are insured and generally offer quick and easy access to your money.  In you are saving for a long-term goal, consider other payment options like bonds and stocks. 

*Content provided by Guide to Money: Getting a Good Start.