When you consider saving money, you normally think of putting it into an account that will provide interest. Not only that, but you want it to be as safe as possible so that it can grow over time. However, when you decide to save your money in investments that require a little risk, such as CD’s or funds, you’ll witness fast growth due to the increased interest that gets added. With that, let’s take a look at six ways you can grow your savings.

Money Market Funds

A money market fund is also known as a mutual fund. Their purpose is to seek financial gains through a variety of securities that are low-risk. Normally, the rate of return for money market funds is short-term. With a money market fund, the FDIC does not insure them. Instead, the SEC regulates them under the 1940 Investment Company Act.

With interest rates fluctuating, there is no real way on planning for any upcoming earnings. This is why, as an investor, conducting some research will lead to the best money market fund available.

Savings Accounts With High-Yield

Having a savings account that is high-yield allows an interest amount to be much higher. It is considered high-yield because of the opening deposit being much higher, as well as having a decreased ability for withdrawals. Many times, a customer is offered these account types that already have other accounts established.

Certificate of Deposit (CDs)

Having a certificate of deposits is another way to save that is offered by many financial institutions. Being federally insured, CDs are able to provide an increased amount of interest on deposits that are for longer periods and bigger amounts. However, to benefit from a CD, you must maintain it for a preset time period which can be as long as 10 years or more. If not, then you risk receiving penalties for early withdrawal.

Money Market Account (MMA)

An MMA can be obtained through any bank that offers them and may need to meet a certain initial amount for a deposit, which includes a predetermined amount of transactions each month. An MMA is insured by the FDIC, unlike the money market funds we just went over. The drawback of an MMA is that your account may be assessed a penalty if you go below the minimum balance, as well as making more than the allowed number of withdrawals. Although an MMA’s interest rate is a bit on the low side compared to the CD, the accessibility of your cash is a lot easier.

Notes and Treasuries

Government notes and treasuries are provided with a full guarantee of the U.S. Government. This backing allows them to be rather safe in comparison to any other type of financial bill.

If you want a tax-free option that you can get for any length of time, then a treasury will be the way to go. When a treasury is bought, it is always at a discounted price. At maturity, the full value will be reached.

When it comes to notes, they include maturities that range up to ten years and earn a bi-yearly interest. Besides interest earned, the max amount can also be obtained when maturity is reached. The minimum price for a note or treasury is $100.


Owning a bond will provide the lowest amount of risk. They are provided by many different government types and businesses in order for work to be financed. As a bond is bought, money is being lent to an issuer. As part of the terms, the issuer begins to make interest payments for the bond’s duration. Then, at maturity, the bond’s full value is returned. The issuance of a bond is made for a predetermined amount of time and interest.

What It All Boils Down to in the End

At the end of the day, saving money gives you the opportunity to set aside extra cash and earn interest in doing it. Because of the many tools available to make saving possible, you need to remember to always do your homework prior to deciding on the type you wish to invest in. This is especially true since the percentage of interest fluctuates. This is also an important aspect to be aware of because it will determine if your cash is earning as much as it could be.