This Savings Account Offers

What are the advantages and disadvantages of the 4 accounts: checking, MMA, passbook savings, and CD’s?

I have $1000.00 to invest and need to know the best way to go out of the four accounts listed above. The MMA is a money market account.

Your checking account is designed to handle a large volume of transactions, purchases, deposits etc. Most pay little or no interest so it is unlikely you would want to use that. In addition unless you open a separate checking account your checking dollars will get co-mingled with your “investment” and you could unintentionally spend your investment dollars.

The MMA accounts are like a glorified checking accounts that pay a slightly higher rate of interest(most currently pay somehting like 1-3% annual interest these days. Most have minimum balances of $1,000- $2,500 or higher with penalties, if you go below the minimum balance. READ the fine print. Also most offer a book of checks or drafts that let you write a check to yourself or a merchant for larger purchases or emergency needs. The advantage of MMA’s is that they offer a high degree of LIQUIDITY, that is you can covert you investment to cash quickly without penalty.

The old fashion passbook accounts no longer offer you the “passbook”. Back “in the day” you didn’t get a monthly statement on your saving account you literally received a small vest sized book where the bank clerk entered your deposits and withdrawals, hence the name “passbook”. These days most banks and credit unions offer a savings accounts that can be combined with your checking account and you receive one monthly statement that shows both you checking and savings activity. You generally can transfer money from checking to savings and vice versa either at the ATM, the window, or electronically via on-line personal banking. These savings accounts offer convienence and liquidity but generally pay only a small interest rate.

A CD is going to offer you that highest interest rate but the least liquidity. (In investments with every gimme there is a gotcha) CD’s come with various “terms” or “maturities” that define the length of the invesment period. Obviously the longer the term the higher the interest rate. Make sure you will NOT need the money over the term of the CD if this is what you choose. “Breaking” a CD or cashing in early could result in a forfeiture of your interest earned or even some of your principal. For this reason CD’s are not very liquid in the short term

Money Management & Personal Finance : What Is a High-Yield Savings Account?


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