A large number of people around the globe are yet to embrace the saving culture. A substantial fraction of those that make a move usually put their money in the interest-earning accounts. The reason behind that is the low risk of losing one’s deposit.

It is a common thing for persons with higher-risk investments to reap bigger returns. The stocks are a perfect example. It is impressive to most of the people that the money saved grows gradually and that one doesn’t have to worry about any associated risk.

The passage of time is witnessing the online banking segment expand quite fast. It is an expansion that is also pulling along with greater accessibility to the savings accounts. There are many types of accounts, and one should choose the best. The rule of thumb is going for that account that enables one to make the most of his/her savings. Here are some of the accounts.

Savings accounts

There are many credit unions and banks globally where anyone can go and open a savings account. The Federal Deposit Insurance Corporation (FDIC) is the one that insures money in the various savings accounts. However, it is worth noting that there are some particular limits as to how much one can save. The restrictions put in place are set to regulate how the accounts are operated. A good case scenario is that instance where one makes more than the permitted number of transactions in a given month. Such a person will be charged some extra fees for some extra transactions.

High yield savings

These savings accounts are known to enjoy FDIC protection. The good thing about such accounts is that point that they get to earn interest rates that are relatively higher than those earned by the standard savings accounts.

Certificates of Deposit (CDs)

These can easily be accessed through the various credit unions and the leading banks. These are insured by the FDIC and are known to provide some higher interest rates. It is always a much better deal for those persons with the larger and the longer deposits. One outstanding attribute about the CD is the point that one keeps the money in the CD over a given point of time. In case the time elapses, a penalty is charged. That could probably mean losing about three months of interest.