Saving money is an important step toward reaching your financial goals. But where you keep those savings can make a difference in how your money grows.

A variety of savings options can offer a range of benefits – from steady, predictable earnings to easy access when you need your funds. Three common options include certificates, money market savings accounts, and traditional savings accounts. Each works a little differently and could play a unique role in your financial plan. Understanding each one can help you choose the right fit for your life.

Certificates

A certificate is a savings option designed to help you earn a fixed rate of return over a set period of time.

When you open a certificate, you deposit a specific amount of money and agree to leave it in the account for a predetermined term – often ranging from a few months to several years. In exchange, you receive a guaranteed interest rate for the life of the term.*

Why people choose certificates

Certificates are popular for savers who want predictable growth without market risk.

Key benefits include:

• Fixed rates that stay the same for the full term
• Higher potential yields than many traditional savings accounts
• Low risk since rates are guaranteed*
• Multiple term options that allow you to align savings with specific financial goals

Things to consider

Because certificates are designed for longer-term savings, they are best for money you won’t need immediate access to.

• Early withdrawals typically incur a penalty
• Funds remain in the account for the term you select
• If rates rise later, your rate remains the same until the term ends

Some savers use a strategy called certificate laddering, where they open multiple certificates with different term lengths. This approach can help balance access to funds while still capturing strong rates.

When a certificate may make sense

A certificate may be a good option if you:

• Already have an emergency fund in place
• Want to earn a stable return on funds you won’t need right away
• Are saving for a future milestone such as a home purchase or large expense

Money market savings accounts

A money market savings account combines the earning potential of a savings account with flexible access to your funds. These accounts often offer competitive dividend rates while still allowing you to move money when needed.

Why people choose money market savings accounts

Money market savings accounts can provide a strong balance between earnings and accessibility.

Benefits often include:

• Higher dividend rates than traditional savings accounts
• Easy access to funds when needed
• A good option for short- or medium-term savings goals
• A place to keep larger balances earning interest

Many people use a money market savings account as a central place for savings they may need to access occasionally.

When a money market savings account may make sense

This type of account may be ideal if you:

• Want higher earnings than a traditional savings account
• Still want flexibility to withdraw or move funds
• Are building or maintaining an emergency fund
• Are saving for goals within the near future

For many savers, a money market savings account serves as a middle ground between a highly flexible savings account and a longer-term certificate.

Savings accounts

A traditional savings account is often the first step in building healthy financial habits.

Savings accounts provide a simple way to set aside money while earning interest. They are easy to open, easy to manage, and can be connected to your checking account for convenient transfers.

Why people choose savings accounts

Savings accounts work well for everyday saving and short-term goals.

Common advantages include:

• Easy access to funds
• Low minimum opening balances
• A convenient way to separate spending from saving
• Simple transfers between checking and savings

Savings accounts are especially helpful for keeping money set aside while still remaining readily available.

When a savings account may make sense

A savings account is a strong option if you’re saving for:

• Short-term goals
• Travel or holiday spending
• Everyday financial cushions

They also provide a great foundation before expanding into other savings options like a money market savings account or certificate.

The bottom line

The good news is you don’t have to choose just one option. Many savers use a combination of accounts to balance accessibility and growth.

For example:

• Certificates for funds you want to grow steadily over time
• A money market savings account for larger balances or mid-term goals
• A savings account for everyday financial cushions

By matching each account to a specific goal, you can build a savings strategy that works for both your short-term needs and long-term plans.

Not sure which savings options fit your goals? Set up a video appointment to explore your checking, savings, money market savings account, and certificate options and create a plan that works for you.

* All certificates are subject to an early withdrawal penalty. Fees could reduce earnings. Withdrawal of dividends will reduce earnings.