The choices include traditional or regular savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts. High-yield savings accounts are savings accounts that offer a higher APY, compared to regular savings accounts. Examples of specialty savings accounts include:Kids’ savings accountsCustodial savings accountsStudent savings accountsChristmas Club savings accountsHome down payment savings accounts529 college savings accountsTraditional and Roth Individual Retirement AccountsHealth Savings Accounts (HSAs)You can find these accounts at some banks, credit unions, brokerages or investment companies. The interest rates you earn for things like child savings accounts, student accounts or Christmas Club accounts may be lower than high-yield or even regular savings accounts. Depending on what you want to achieve financially, you may decide to open multiple savings accounts, CD accounts, money market accounts or specialty accounts.

Source: Forbes September 24, 2020 14:48 UTC