Financial Products
Banks, credit unions and even the government offer a variety of financial products that can help you save. Find out which one is right for your goals.
Savings Account
Online Savings Account
Certificate of Deposit (CD)
U.S. Savings Bond, Series EE
U.S. Savings Bond, Series I
Money Market Account
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SAVINGS ACCOUNT (bank); SHARE ACCOUNT (credit union) |
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Minimum Initial Deposit |
Usually $25-100 but make certain monthly fees are not charged for small balances |
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Yield |
Usually 0.2-0.5% |
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Safety |
Government-insured* |
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Access to Funds |
Immediate |
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Where to Purchase |
At any bank, thrift, or credit union |
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How to Purchase |
In person, online, or by phone |
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How to Make Deposits |
Through tellers, ATMs, or automatic monthly transfer from checking account |
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Other Features |
At many institutions, minimum balance of $100-500 is required to avoid monthly fees or automatic transfers of $5 - $25 a month. |
| Type of Product | U.S. SAVINGS BOND, SERIES EE |
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Minimum Initial Deposit |
As low as $25 ($50 for payroll deduction) |
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Yield |
Usually 1.5% |
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Safety |
Government-guaranteed |
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Access to Funds |
After first 12 months, immediate access but loss of 3 months interest |
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Where to Purchase |
The U.S. Treasury www.treasurydirect.gov |
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How to Purchase |
Through www.treasurydirect.gov where savers can buy electronic (no paper) savings bonds for themselves or as gifts for others. |
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How to Make Deposits |
www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds |
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Other Features |
Cash in after 30 years (no more interest earned after held 30 years) |
| Type of Product | U.S. SAVINGS BOND, SERIES I (with inflation protection) |
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Minimum Initial Deposit |
As low as $25 |
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Yield |
Usually 0-2% |
| Safety | Government-guaranteed |
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Access to Funds |
After first 12 months, immediate access but loss of 3 months interest |
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Where to Purchase |
The U.S. Treasury www.treasurydirect.gov |
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How to Purchase |
Through www.treasurydirect.gov where savers can buy electronic (no paper) savings bonds for themselves or as gifts for others. |
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How to Make Deposits |
www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds |
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Other Features |
Cash in after 30 years (no more interest earned after held 30 years) |
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Money Market Account |
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Minimum Initial Deposit |
As low as $250 at some institutions |
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Yield |
Usually 0.10-2.0% |
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Safety |
Government-insured* |
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Access to Funds |
Immediate access |
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Where to Purchase |
In person, online, or by phone |
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How to Purchase |
Ask for a Money Market Account |
* Accounts at some credit unions are privately insured.
