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Best Accounts to Save Money

written by: M Lambert•edited by: Jason C. Chavis•updated: 5/24/2010

There are many types of savings accounts to choose from. There are so many products available to help match your savings needs. Learn what types of accounts you should use for your savings.

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    Best Savings Accounts

    There are several saving account options that you can use to save money. You can find accounts that are designed with specific purposes in mind. Some accounts are better to use to save money than others. If you want to grow your wealth, you should look at investing your money as well.

    Your bank will offer a basic savings account. This account is a good place to put your small emergency fund of $1000.00 dollars. The money is easy to access, and it offers a small interest rate. This is a good account if you are just beginning to save money because the minimum balance requirements are lower than other account options.

    A money market account is a type of savings account that is offered by your bank. It may a limit on the number of transactions that you do each month without receiving a penalty. The interest rate is usually higher and it is a good account to save money for a car purchase, your larger emergency fund or for a down payment on a house. There are usually high minimum balance requirements for this account.

    A child’s saving account is the best account to choose to teach your children to save money. There is usually not a minimum balance requirement. It offers the same rate as a basic savings account, but usually has fewer rules. You may need to talk to your bank to see if your children are allowed to withdraw their money without parental permission. Banks have different policies on this.

    You may have the option to sign up for a Christmas savings account. This account allows you to put money in each month, and then will mail you a check for the amount of your balance at the end of October. This is an easy way to keep your Christmas money separate from your other savings, and makes it easier to not accidentally spend the money.