What Savings Account Is Best For Me?

Shawn Plummer

CEO, The Annuity Expert

High-Yield Savings Account

Reasons to Choose:

  1. Higher Interest Rates: Typically offers higher interest rates compared to regular savings accounts.
  2. Liquidity: Provides easy access to your funds.
  3. Flexibility: No fixed term, you can withdraw money anytime.
  4. Low Risk: FDIC insured, offering a secure place for your savings.

Money Market Accounts (MMA)

Reasons to Choose:

  1. Competitive Interest Rates: Often higher than traditional savings accounts.
  2. Check-Writing and Debit Card Access: More flexible access to funds than a regular savings account.
  3. Safety: Also FDIC insured, providing financial security.
  4. Minimum Balance Requirements: Typically higher than regular savings accounts, which might earn you more interest.

Related Reading: What is a money market account, and what are the best rates

Certificates of Deposit (CDs)

Reasons to Choose:

  1. Fixed Interest Rates: Offers stability with a guaranteed return.
  2. Higher Rates for Longer Terms: The longer the term, the higher the interest rate.
  3. Low Risk: FDIC insured, making it a safe investment.
  4. Penalty for Early Withdrawal: Encourages savings discipline but less flexible.

Multi-Year Guaranteed Annuities (MYGAs)

Reasons to Choose:

  1. Guaranteed Interest Rate: Fixed rate for a multi-year term.
  2. Tax-Deferred Growth: Taxes on interest are deferred until withdrawal.
  3. Higher Returns for Longer Commitments: Typically offers better rates for longer terms.
  4. Penalty for Early Withdrawal: Similar to CDs, less liquid.

Comparing Your Options

FeaturesHigh-Yield SavingsMoney Market AccountsCDsMYGAs
Interest RateHighCompetitiveFixedGuaranteed
Access to FundsHigh (Flexible)Moderate (Flexible)LowLow
Term FlexibilityHighHighFixedFixed
Additional FeaturesCheck WritingTax Benefits


Choosing the right savings option depends on your financial goals, liquidity needs, risk tolerance, and investment time frame. High-yield savings accounts offer flexibility and easy access, making them suitable for emergency funds or short-term goals. Money market accounts provide slightly less liquidity but often higher interest rates, ideal for medium-term savings. CDs are best for those who can commit funds for a fixed term, offering higher guaranteed returns. MYGAs suit long-term savers seeking tax benefits and a guaranteed rate over a multi-year period. Evaluate these options based on your financial situation to find the best fit. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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