Your hard-earned money should be saved and invested. But with so many different savings accounts and investment strategies, it can be hard to know which type is best for you. Below, we explore the different earning potentials of various savings accounts – and why you should consider a certificate of deposit.

Get the Best Rates with High-Yield Savings Accounts

Earning potential of traditional savings accounts

Personal savings accounts are the traditional method of saving money. You can deposit any amount of money at any time. In addition, these accounts typically have low-interest rates, meaning you’ll only get a small percentage payout each year. As a result, these accounts are ideal for long-term savings. 

Earning potential of IRAs

Individual retirement accounts, or IRAs, are long-term savings solutions with higher earning potential than traditional ones. They have annual contribution limits and may be penalized for early withdrawal. However, they also provide tax benefits and ensure you have security in your retirement. 

Earning potential of certificates of deposit

Certificates of deposit provide the most significant earning potential because they have high interest rates. You determine your term's length, deposit your specified amount upfront, and then the bank pays interest each month. When you cash your certificate, you’ll earn much more than you can with a traditional savings account!

Calculate Your High-Yield Earning Potential

A certificate of deposit is a sound solution if you’re saving for an emergency, looking at your investment strategy, or planning a major purchase like a car or vacation. Use our certificate of deposit calculator today to compare your potential earnings with IRAs and traditional savings accounts. When you’re ready, find a branch near you and apply!

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