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Which Savings Account Will Earn You The Most Money? Reveal Your Answer

Dec 01, 2023

If you're looking for the best place to store your extra savings, you may be wondering “Which savings account will earn you the most money?” To answer this question, you must understand how different saving accounts work as well as the dividend you'll earn. Knowing how easily you can access your money in the event of an economic setback or health emergency is also extremely important. By considering all of these factors, you'll be able to determine which account is best for your emergency fund or retirement dollars.

Which Savings Account Will Earn You The Most Money?

In order to make informed decisions about which savings account is best for your money to grow, it’s important to understand the features each option offers. While all Peach State FCU Savings Accounts have different benefits, all are federally insured by the National Credit Union Share Insurance Fund for up to $250,000. Your accounts are also insured for up to an additional $750,000 with coverage by Excess Share Insurance Corporation (ESI), a licensed insurance company, for a combined coverage of up to $1,000,000. 

Common Types of Savings Accounts


Traditional Savings Account

A traditional savings account can be an excellent choice for people who envision needing ongoing access to cash. These accounts typically offer flexibility with access to the account, nominal minimum balances, and no monthly fees. They are considered wonderful options for people putting money aside for a rainy day or building an actionable emergency fund.

Traditional Savings Account Rates

Savings account rates are usually lower than those other savings account options that require you to leave your money in place for a set period. This is not to say relatively low-yield accounts don't have a place in a diverse financial portfolio. Rather, they can be employed as a flexible option allowing you access to your money in an emergency without a penalty.

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Money Market Accounts

Offering a relatively high return on investment, money market accounts are tailor-made for people who have a specific financial goal in mind. These may involve preparing a college fund for children, setting money aside for a down payment on a home, or retirement planning. They're also a great fit for people who want to access the funds when an unexpected need arises. Money market account holders can typically access their money up to six times per month by check, electronic withdrawal, or transfer without penalty, as long as they maintain a minimum balance.

Money Market Account Rates

Money market rates can be substantially greater than traditional savings account rates; however, they typically require a higher minimum balance requirement. If you’re comfortable leaving a set amount in the account, a money market can easily help you grow savings with a guaranteed return.

Term Share Certificates

Also known as CDs, term share certificates are wonderful financial saving opportunities. A term share certificate (or CD) requires you to place a set amount of money in the account until the maturity date. At that point, you'll enjoy the full benefits of fixed interest rates. Early withdrawal however, results in paying penalties that can nullify accrued interest gains. Used as short- and long-term investment opportunities, term share certificates (or CDs) offer guaranteed returns and great rates you can count on.

Term Share Certificate Rates (or CD Rates)

The annual percentage yield on term share certificates (or CDs) generally outpaces many other savings-style options. The financial benefits are superior to traditional, high yield money market accounts. The reason stems from the fact term share certificate (or CD) investors only earn a return on investment if they leave the entire deposited amount in the depository institution for the length of the agreed-upon term. If you have a comfortable emergency fund established and wish to fast-track savings growth, term share certificates (or CDs) may be the right solution for your needs.

Peach State Has The Right Savings Account for You

If you're trying to save money for retirement or build an emergency fund, Peach State has the solutions to help you achieve your goals! 

Our savings accounts, money market accounts, and term share certificates (or CDs) are sure to provide a successful combination for your needs. If you don’t know where you'll be able to find savings in your current financial plan, download Peach State’s free budget templates

Once you see where your money is going, you can reevaluate your choices and funnel some of your income toward your savings goals. Contact Peach State today if you're unsure about your unique financial situation, we're here to help!

Now that you know which savings account will earn you the most money, it's time to find additional savings in your budget! Download our free "3 Practical Budget Templates That Actually Work!" Guide.

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