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Types of savings account: CD, Money market-
The Types of Savings Accounts: CD, Money Market
Types of savings accounts: CD, money market and
IRA and escrow accounts all make up the list of
types of saving accounts. When we think about
investing in our future these types of saving
accounts: CD, money market, all of them becomes
our informational guideline to securing the future.
Secure your future with these types of savings
accounts.
CD Saving Accounts
CD savings accounts represented by a three month,
six month, one year, two year, three, four and
five year deposit type. Minimum balances require
you to maintain a balance of know less than the
specified CD terms. Interest rates are higher
for higher minimum balances and normally paid
quarterly. Special CD’s of seven months and fifteen
months may be offered as a special promotion for
your financial institution with a minimum balance
and an interest rate higher than six month and
one year CD’s. Types of saving accounts: CD, money
market and the others provide peace of mind for
retirement or future purchases.
Money Market Accounts
Premium and Fair Share money market accounts.
Fair share accounts usually require a minimum
deposit balance and pays higher than a base savings
account. Dividends normally paid monthly. Premium
money market account requires a minimum balance
and higher balances pay higher inter rates and
dividends paid monthly. In some instances depending
on the bank terms, you may be charged a fee if
the minimum balance falls short. If you fall short
of money, try to keep your balance at a minimum
no matter what. Types of savings accounts: CD,
money market and IRA accounts provide your better
interest rates and add to your financial freedom
later on.
IRA verses Types of Savings Account: CD, Money
Market
IRA savings accounts for traditional, Roth and
Educational investments. The government now allows
a family to place monies in an Educational IRA
account to insure enough money to send the kids
to college. Traditional IRA accounts allow for
retirement and produces competitive rates of earnings.
The Roth IRA savings account produces great returns
on balances as well. The differences are your
taxes, one allows you a deduction and one does
not at tax time.
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