Which Savings Account Will Earn You the Most Money?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Which Savings Account Will Earn You the Most Money?

Choosing the right savings account can greatly impact how much money you earn in interest. Different types of savings accounts offer varying interest rates, and the one that will earn you the most money typically has the highest annual percentage yield (APY).

High-Interest Savings Accounts

High-yield savings accounts usually offer higher interest rates compared to traditional savings accounts. Online banks often provide these high-interest options, as they have lower overhead costs.

Certificate of Deposit (CD)

A CD can offer a higher interest rate than a regular savings account. The catch is that you must leave your money in the CD for a fixed term, which can range from a few months to several years.

Money Market Accounts

These accounts often have higher interest rates than standard savings accounts, with the added benefit of limited check-writing and debit card access.

Fixed Annuities

Fixed annuities are a unique financial product typically used for retirement savings. They offer a guaranteed interest rate over a specific period, often yielding higher returns than traditional savings accounts. Unlike other savings options, the interest in a Multi-Year Guaranteed Annuity (MYGA) accumulates on a tax-deferred basis, meaning you won’t pay taxes on the interest until you withdraw the money. This feature makes them an attractive option for long-term savings, especially for those looking to secure a steady income stream in retirement. However, they are less liquid than other savings accounts, with penalties often applied for early withdrawal.

Related Reading: Are There 7% Interest Savings Accounts?

Which Savings Account Will Earn You The Most Money?

Comparing Savings Options

Savings OptionInterest RateFlexibilityMinimum BalanceBest For
Savings AccountLowestHighNoneImmediate access
Money Market AccountModerateModerateRequiredHigher balance savers
Certificate of DepositHighLowVariesFixed-term savings
Fixed AnnuityHighestVery LowVariesRetirement savings

Factors Affecting Interest Rates


Choosing the right savings account depends on your financial goals and need for flexibility. While savings accounts offer the most accessibility, fixed annuities yield the highest returns but are less accessible and focused on retirement. Money market accounts and CDs fall in between, offering a balance of earnings and accessibility.

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Which savings account will earn you the least money?

A traditional savings account will earn you the least amount of money.

Which type of interest can earn more money over the long term?

Triple compounding interest through tax deferral earns the most money over the long term due to its enhanced compound effect and tax savings.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, 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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