Which Savings Account Should I Use?

While HYSA (High-Yield Savings Account), MM (Money Market), and CD (Certificate of Deposit) might be familiar terms, deciding which one to use depends on your specific financial goals. It's important to note that these are general guidelines, and your individual circumstances may differ.

CDs are ideal when you don't need immediate access to your funds, as your deposit is locked in for a certain period. Additionally, CDs typically offer higher introductory rates compared to most other savings options.

Money Markets are suited for savers who prefer a mix of features. They offer a higher return than traditional savings accounts and provide access similar to a checking account, including check writing and debit card use. However, they usually require a minimum balance.

High-Yield Savings Accounts often have a lower minimum balance requirement than Money Markets but don't provide the hybrid checking features. They offer a better return than traditional savings accounts, although generally not as high as Money Markets.

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