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Choose the Right Savings Tool


We previously shared strategies to reach your financial goals in our post, "What Are You Saving For?". In this post, we're sharing some tips for choosing the right savings tool. A traditional savings account isn't your only option when it comes to growing your savings. Find out which tool will get you the most bang for your buck!

Short-Term Savings Goals

Low-risk accounts earning compound interest with higher Annual Percentage Yield.

  • High-Yield Savings Accounts - Pays up to 10 times the interest rate offered by traditional accounts.
  • CDs (Certificate of Deposit) - Must leave funds in for full-term to avoid early withdrawal penalties in most cases.
  • Money Market Accounts - Interest rates vary with the market.


Mid-Tern Savings Goals

Low-medium risk accounts earning higher Annual Percentage Yield.

  • 529 College Savings Plan - For educational purposes only, can be invested.
  • Mutual Funds - Medium risk with potential to yield higher returns. Annual fees required.


Retirement Accounts 

  • 401(k) or IRAs are higher risk accounts invested over a longer period of time. You can withdraw penalty-free at 55 and 59 1/2 years old, respectively.


Need help saving for your goals? Call us at 781-635-9022. We know excellent South Shore finance professionals who can get you started.

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