Where Should I Keep My Money?

Interest rates, the economy, and the financial sector are ever-changing, which leaves many individuals wondering where they should keep their money. There are always going to be individuals who keep their money hidden in their mattress because they don’t trust their funds are safe with any financial institution, but there’s more than one flaw in that line of thinking. Your money is best kept in the bank, but which bank and what type of account works best for you is an individual decision. Many individuals at least consider keeping their money in more than one account, which is a wise choice for most. However, you don’t need to make your decisions based on what others do. In the end, your money is best kept where it makes money for you.That said, start reading to learn about the options and on average, who they work best for.

Online Bank

Online banks are quickly becoming more traditional, and using one is a wise decision for those who want to make a little more money. One of the biggest benefits of using an online bank is the savings. You place your money in a bank and pay fewer and less expensive fees, and earn more interest because the bank does not spend as much money employing live humans and maintaining overhead costs on physical locations. This is a great option for your checking account as you’re not spending money at the ATM to access your account if you don’t have access to an ATM your bank owns. The fees are lower, the deposits are easier, and the money is better. You’re also offered higher rates on your savings account earnings if you go with an internet bank. It’s a small change with some big savings.

Continue reading to learn about the details of certificates of deposits.