Savings
Where to keep your savings and how to grow them, from high-yield savings accounts and emergency funds to CDs, Treasury bills and I bonds.
Where to keep savings
Emergency funds
High-yield savings
High-Yield Savings Accounts Explained
High-yield savings accounts pay much more interest than a typical savings account while keeping your money safe and easy to reach. This guide covers how they work, what APY means, how much more you can earn, what to look for, how they compare with other options, safety with fintech apps, and how to open one.
| Provider | APY | Details |
|---|---|---|
| Pibank Pibank Savings, opens in a new tab APY: 4.40% | 4.40% | Visit site Pibank Pibank Savings, opens in a new tab |
| EverBank Performance Savings, opens in a new tab APY: 4.20% | 4.20% | Visit site EverBank Performance Savings, opens in a new tab |
| Bread Savings High-Yield Savings, opens in a new tab APY: 4.05% | 4.05% | Visit site Bread Savings High-Yield Savings, opens in a new tab |
See all 10 accounts and how we chose them
For information only, not a recommendation. Rates and terms change often and may depend on where you live; check the details with the provider before you apply. Pond.com isn't paid by any provider listed here.
Money market accounts
Money Market Accounts Explained
A money market account is a savings account that often pays a competitive rate and may come with checks or a debit card. This guide covers how money market accounts work, rates, minimums and fees, how they compare with high-yield savings and CDs, how they differ from money market funds, and how to choose one.
| Provider | APY | Details |
|---|---|---|
| ZYNLO Bank Money Market Account, opens in a new tab APY: 4.05% | 4.05% | Visit site ZYNLO Bank Money Market Account, opens in a new tab |
| Bank5 Connect High-Interest Money Market, opens in a new tab APY: 4.00% | 4.00% | Visit site Bank5 Connect High-Interest Money Market, opens in a new tab |
| Sallie Mae Bank Money Market Account, opens in a new tab APY: 3.60% | 3.60% | Visit site Sallie Mae Bank Money Market Account, opens in a new tab |
See all 5 accounts and how we chose them
For information only, not a recommendation. Rates and terms change often and may depend on where you live; check the details with the provider before you apply. Pond.com isn't paid by any provider listed here.
CDs
CDs Explained: How Certificates of Deposit Work
A certificate of deposit (CD) pays a fixed interest rate in exchange for leaving your money untouched for a set time. This guide covers how CDs work, how they compare with high-yield savings, the different types, early withdrawal penalties, what happens at maturity, taxes and how to build a CD ladder.
| Provider | APY | Details |
|---|---|---|
| Quorum Federal Credit Union 6-Month Certificate, opens in a new tab APY: 4.40% | 4.40% | Visit site Quorum Federal Credit Union 6-Month Certificate, opens in a new tab |
| Quorum Federal Credit Union 1-Year Certificate, opens in a new tab APY: 4.50% | 4.50% | Visit site Quorum Federal Credit Union 1-Year Certificate, opens in a new tab |
| Bread Savings 18-Month CD, opens in a new tab APY: 4.85% | 4.85% | Visit site Bread Savings 18-Month CD, opens in a new tab |
See all 7 CDs and how we chose them
For information only, not a recommendation. Rates and terms change often and may depend on where you live; check the details with the provider before you apply. Pond.com isn't paid by any provider listed here.
Growing your savings
Savings give you choices: a cushion when something goes wrong, money for the things you're planning, and less need to borrow. Where you keep them makes a real difference to how much they earn.
Our guide to where to keep your savings compares high-yield savings, money market accounts, CDs, Treasury bills and I bonds, and matches each to different goals.
Start with a safety net. How to build an emergency fund explains how much to save for your situation, where to keep it, how to build it and what to do if something happens before it's ready.
Then dig into each option:
- High-yield savings accounts explained: how they work, how much more you can earn and what to look for. It's the usual home for an emergency fund.
- Money market accounts explained: savings with check or debit card access, and how they differ from money market funds.
- CDs explained: fixed rates for a set term, early withdrawal penalties and CD ladders.
Want a fixed rate without being locked in? See no-penalty CDs. Holding cash at a brokerage? Money market funds explained covers how they compare with bank accounts. And to see what a better rate is worth, read how much interest will my savings earn.
For costs you know are coming, like car repairs or holiday gifts, set up sinking funds. For government-backed options, see Treasury bills and I bonds.
Money you won't need for many years is usually better invested. See how to start investing.
Common questions
For an emergency fund and short-term goals, a high-yield savings account at an FDIC-insured bank or NCUA-insured credit union is usually best. Money you won't need for a set time can earn a fixed rate in a CD or Treasury bills.
Aim for an emergency fund of three to six months of essential expenses, plus savings for known costs coming up. Start with a smaller goal, such as $1,000, and build from there.
Yes, at an insured bank or credit union. FDIC and NCUA insurance protects up to $250,000 per depositor, per institution, per ownership category, even if the bank fails.