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What is the right savings account for you?

Thinking about putting money into a savings account? That’s great! Even if it’s a little every month, saving money is a great way to pay yourself first.

The next step is finding the right type of account for you and your goals. Depending upon your needs, these savings accounts provide different options to help you live well financially:

  • Savings
  • Money market
  • Certificates
  • IRAs

Savings accounts

Traditional savings accounts are the tried-and-trues. Alongside checking accounts, they are the peanut butter and jelly of money management.

Checking accounts are for spending; savings accounts are for storing. It’s for money you’ve set aside but want easy access to. Savings accounts typically earn greater dividends than checking accounts.

For instance, Numerica’s savings accounts are designed as ideal locations to stash some cash:

  • Bonus Saver: Prioritizes higher rates by rewarding members making consistent deposits while avoiding withdrawals.
  • Regular Savings: Prioritizes easy access to funds with unlimited online transfers and Transfer Protection* capabilities between Numerica accounts.

Money market accounts

Don’t let the word “market” mislead you. Money market accounts have nothing to do with the stock market. Rather, they’re similar to traditional savings accounts. But you are likely to earn higher dividends with a money market accountamong other differences.

Money markets rates are tiered. As you put more money into a money market account, you can reach higher tiers that have higher rates of return, or dividends.

Many people find them to be a good growth option for money you want to be able to access. In some cases, money market accounts will have higher minimum balances or fewer allowable transactions than traditional savings accounts.

Numerica money market accounts do not have minimum balance or transaction requirements. Both the Bonus Money Market and Peak Money Market offer great rates while maintaining easy access to money.


Certificates — which are often called CDs at banks — allow you to save for a specific timeframe in order to earn a specific rate. All you need to do is avoid the temptation to dip into the money you’ve set aside before the timeframe is up.

This commitment to not touch your money for a set amount of time is central to certificates. It’s why they typically earn higher rates of return than traditional savings products. certificates usually require a minimum balance.

Numerica Certificates, for example, require a $1,000 minimum balance ($500 for IRA certificates) and range from 3 to 72 months. Rates typically increase as the committed amount of time, or term, increases.

IRAs (individual retirement accounts)

While your first savings account should be for short-term needs like emergencies, long-term savings accounts are vital as well. IRAs are so named because they are thinking about your future — individual retirement accounts.

Unlike a 401(k), which are employer-sponsored retirement accounts, IRAs are not offered through your job. You can open an IRA at your financial institution. Like CDs, it’s not uncommon to earn higher rates with IRAs than most traditional savings accounts. There are, however, various restrictions and stipulations connected to when you can withdraw your funds without being penalized. Educate yourself to make sure it’s the right option for you. 

There are two types of IRAs, and what makes them different is how they are taxed.

  • Contributions made to a Traditional IRA can be tax deductible. However, withdrawals made during retirement are taxed.
  • Contributions to a Roth IRA are made with already taxed dollars. However, you avoid taxes when withdrawing the earnings and contributions — so long as you meet the specified withdrawal qualifications.

Opening an account

Ready to take the next step in your savings journey? Call 800.433.1837 or set up an appointment at a branch or by video. A Numerica team member can help you open an account or discuss the best savings options for your goals and well-being.

*Here’s the legal stuff: Use a Numerica savings account for Overdraft Protection. First two transfers per month are free, then $5 per transfer.

Here’s the legal stuff: This article is provided for educational purposes only and is not intended to replace the advice of a financial advisor, tax professional, loan representative, or similar professional. The examples provided within the article are for example only and may not apply to your situation. Since every situation is different, we recommend speaking to a professional you trust regarding your specific needs.

Today's Rates

June 22, 2024