Short Term Saving Account

"Short Term Saving Account" submitted by SchoolGrantsfor Editorial Team and last updated on Saturday 23rd July 2011

Table of Contents

Banks and credit unions offer the following places to save for short-term goals:

Checking account

A checking account is a way to start accumulating money. It pays you the lowest interest rate of all the options but allows the most transactions.

Savings account

If you have $100 or more, you might want to look at a savings account. Savings accounts usually pay higher interest rates.

Money market accounts

Once you have a larger amount of money, other options become available that pay you more interest. Money market accounts have higher interest rates than checking or savings, but money market accounts limit the number of times you can withdraw your money.

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