Where To Stash Your Cash: Best Type Of Savings Account

July 9, 2021 | June Mckaig

best type of savings account

The days of stuffing your cash under the mattress or in between plates are over! Now, there are a ton of ways to stash your cash, reaping the benefits of collecting interest as your money is stored. If you’re looking for the best type of savings account, we’ve got a list of the top four below. We also share a tip for how payday loans can help you when your savings account runs too low.

What’s The Best Type Of Savings Account?

When you start to look at the best type of savings account, there are three common ones that come to mind. We’ll outline them below to help you choose the best one for you and your savings needs.

1. Traditional Savings Account

With a traditional savings account, you can earn interest and get access to your funds whenever you need them. There are some banks out there that offer APY for around 0.5%, meaning that you could make $50 a year for having $1000 sitting in the bank.

The more you add in this kind of account, the better, letting the interest build up so that you can grow your cash. As far as accessing your cash, you can do so any time day or night without having to use the assistance of the bank. Simply transfer it to checking or even withdraw it directly without any penalties.

2. Money Market Accounts

For the best type of savings account, you could go with a money market account. These accounts have more competitive rates than most banks, though they come with stricter requirements. Plus, when it comes to account access, you have more restrictions too.

Instead of having easy access to your account, you’ll have to plan your withdrawals, as you’re usually only allowed a few over a six-month period. It’s treated as more of an investment account, which means you might have to pay higher fees if you do access your money.

best type of savings account certificate of deposit

3. Certificates of Deposit

Another one of the best type of savings account is certificates of deposit or CDs for short. These are high-yield accounts, coming with larger interest rates. These types of accounts are not savings accounts and are usually tied to some kind of investment account or software.

Accessing this kind of account can be tricky but putting more money in is pretty simple. If you want to grow your savings over the long term, then this kind of account is your best bet. 

4. IRAs

The best type of savings account for you out there might be an IRA, though there are strict guidelines to setting up and getting access to your cash. These IRAs generally come with very specific goals, including your children’s college funds or some sort of big purchase. An IRA has a high interest that accumulates over time to give you the best return.

What To Do When You Don’t Have Enough Savings

Saving money is quite essential for your future, but sometimes you need cash to deal with problems in the present. You end up taking money out of your savings account, but what should you do when your savings run too low?

That’s where online payday loans can come in handy, helping you to take care of emergency expenses that you can’t handle on your own.

payday loan

Qualifying For A Payday Loan

It’s easy to be qualified for a payday loan. Bad credit is not an issue with a payday loan, something that makes them highly desirable.

In order to get the process started, all you have to do is submit the online intake form on Utah Title Loans, Inc.

Make sure that you have your government-issued ID, a blank check from a bank account in your name, and your most recent paystub.

Payday Loan Process

An agent will contact you shortly after you submit your form to schedule a meeting with you.

Before you go to the meeting, make sure that you have all of your required documents.

Once you’re at the meeting, the loan agent will perform a verification process, which could take a few minutes. If they approve you, you’ll have a few minor steps to finalize the paperwork.

You would then receive up to $500 in as little as 30 minutes.

Start Saving Today, And Know Your Options For Emergencies

There are all kinds of savings accounts out there, but some are better than others. Start by thinking about your personal financial goals and then choose the account that matches closest with you.

All you have to do from there is build up cash or put the cash you have saved up in there and leave it to grow.

And if a financial emergency happens that is too big for you to handle on your own, get help through Utah Title Loans, Inc. by submitting an online payday loan form. Find out if you qualify in under 30 minutes today.